How to Prevent the Repo of a Car

In troubled times, car owners may occasionally find themselves behind on their car payments. While the thought of having your car repossessed can be frightening, there are techniques that can help you get things back on track while keeping your car from the repossession agents. Your efforts will dictate the success in preventing the repossession of your car.

Instructions

1

Assess your financial situation. In order to save your car from repossession, you must be able to work with your lender to bring the car note current. If you simply cannot afford the car, there is no way to save it from the repo man. However, if you build a detailed monthly budget that includes the car payment and extra money needed to bring the car note current, you will be able to prevent repossession.

2

Call or visit your lender. Schedule an appointment and take your financial assessment, including your budget, and your checkbook. Approach your lender with humility and specifically ask for help in bringing your car note current. Outline the work you have done in developing your budget, and show the lender that you will be able to make payments and bring the note current over time. You must be prepared to write a check during your visit to show that you are serious about meeting your obligation.

3

Ask the lender for specific terms in writing. As you negotiate with your lender, be sure that you get a signed, documented plan for your new payment schedule. Some unscrupulous lenders may try to get a payment from you while continuing the repossession process. These lenders are the exception, but written documentation will protect your interests.

4

Pay your car payment every month on time. With your new, negotiated payment plan, make sure that you pay before or on the due date of your loan payment. You need to be sure that the credibility you have built with your lender remains intact.