How to Stop an Auto Repo

If you have fallen behind on your car payments the creditor may repossess the vehicle. Many creditors repossess the vehicle after as little as one late payment. The creditor may repossess the vehicle from the home or the registered owner's place of business. Although the creditor may repossess the vehicle, you still have rights as a consumer. It is best to research the repossession laws in your state to ensure that the creditor is following them. If you fear that your vehicle will be repossessed, it is best that you act immediately and contact the creditor and negotiate a payment.

Instructions

1

Contact the bank that financed the vehicle. Consult with a finance specialist regarding refinancing the vehicle's loan. Inquire about other options, such as, doubling payments or adding extra money to the current payment to help you catch up the deficiency.

2

Place the vehicle for sale. Locate a buyer who may be willing to buy the vehicle or take on the payments. Place an advertisement in a local newspaper or online auction to ensure that the ad will gain a lot of exposure. Consider offering an incentive to help sell the vehicle quickly, such as no money down and the buyer can simply assume your monthly payments.

3

Consult with an attorney. Inquire about filing bankruptcy. Review a plan with the bankruptcy court that will prevent the repossession and allow a feasible repayment plan. Ensure that all negotiations and repayment plans are properly documented to ensure your protection.