How to Keep a Car From Being Repossessed With Partial Car Payments

If you've run into hard times and are having trouble making your car payments, talk to your lender immediately to work out a payment plan. Many lenders would prefer to work with you and may even offer you options to permanently lower your car payment -- or at least for the time being. Don't wait until your car loan is behind before your reach out for help. Learn how you can make partial car payments if your bank allows it.

Instructions

1

Figure out your budget and how much you can spend on your car payment. Contact your bank to discuss your payment amount and how long you'll need to make partial payments. Figure out how much you have to spend towards your car payment and the dates that you can make each payment, as well the date that you plan to catch up.

2

Call your lender and have your account number handy to give to the bank representative. Or, stop into your local branch to talk to a bank representative.

3

Tell the representative that you are having trouble making your car payment. Answer any questions the representative asks you and tell him your budget and and the dates you'll be able to pay. Ask if you are able to lengthen your loan to lower payments permanently if you believe your situation will be long term.

4

Discuss any options offered to you. Your bank may be able to defer your car payment if you have a good payment history, allowing you to miss several payments without being considered late. The representative may also offer to lengthen your loan or set up a payment arrangement that works for your budget and time frame.

5

Sign any paperwork the bank requires. If you extend your loan, you'll have to sign an entirely new loan contract. If you agree to defer payments or make partial payments for a period of time, sign the bank's agreement to do so.

6

Make all payments agreed upon by your bank to avoid repossession.