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Can you pay off your car loan to avoid repossession? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this site are from companies that compensate us. This compensation can affect the way and where products appear on this site, including, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews appear on this website. We do not contain the universe of companies or financial deals that could be available to you. Srinrat Wuttichaikitcharoen/EyeEm/Getty Images

5 min read Published November 28th, 2022.

Written by Sarah Sharkey Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a variety of subjects, such as banking, savings tips homeownership, homebuying and personal finance. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances by providing concise, well-researched and precise facts that break down complex topics into manageable bites. The Bankrate promise

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This compensation could influence the manner, place and in what order items appear within listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. Other elements, like our own proprietary website rules and whether or not a product is available in your area or at your personal credit score may also influence the manner in which products appear on this website. While we strive to provide a wide range offers, Bankrate does not include specific information on each credit or financial product or service. Repossessions of cars have increased dramatically since 2020, according to reports . If you are in arrears with the payments you have made and your car is in danger of being taken away There’s good news that you can take steps to avoid this unfortunate outcome. From reinstatement to loan modification you have a number of opportunities to avoid repossession. Do paying off a vehicle loan stop the repossession process? Repossession rules differ based on the state you live in. In the majority of states there is a possibility that the lender is able to take the vehicle as soon as you are in default. Based on the terms of your loan agreement, this could be a result of missing one or two payments. There are a variety of steps to take between the time you miss a payment and the ultimate repossession of your car. Based on the current circumstances you’re able to take appropriate steps . If you’ve never received any notice If you can’t make your car payment, you’ll likely know about the financial situation well before your lender will. Do not wait around for the lender to discover that you miss a payment, be proactive and call the lender to explain your situation. The lender might be willing to hear you out to save the cost of repossession. Try to come to an acceptable solution. For instance, you could give more details regarding your situation, including when you’ll be able to make the next installment or what you’re able to pay now. Depending on the history you have with the lender it is possible that you will be able to work out a temporary reprieve or . This is especially the case when this is the first time you’ve been in the habit of missing a payment. If the lender has not sent notice to you, the lender may legally take possession of your car with or without notice in many states. However, your lender will likely send you a notification of its intention to take possession of the vehicle prior to when it actually happens. If you receive notice of repossession your first contact you must contact your lender. A clear line of communication between you and your lender can lead to an option that prevents repossession. If you wait until you receive a notice means that you’ll be playing catch-up when explaining the issue to your lender. If your lender will listen to your concerns, provide the most detailed information you can about when you can pay. Additionally, let them know how much money you have available to put to make a payment in the present. In the end, it’s beneficial for the lender to come up with an interim arrangement. In the end, the company needs to be paid and you’ll likely require your vehicle to go to work. Depending on the lender and your past, a temporary agreement is not out of the possibility. If the lender has started the process If the lender has already begun the repossession process it is possible that you will not be able access your vehicle. In this instance, the reinstatement or restitution of the loan (also referred to as resolving the defaultis a possible outcome. In certain states, you’ll be required to make payments for the entire due amount. This includes all missed payments and any late fees that have accrued. Typically, the lender will also require you to cover repossession fees prior to releasing the car to you. In some states, you might need to pay the entire loan to get your car back — that process is known as redemption. Not every state allows for reinstatement. If your state does not have reinstatement laws and it’s not a part of the contract, it’s best to nonetheless contact your lender. It might be willing to amend the terms of your loan in order to incorporate it. How auto repossession works Auto repossession can be a painful experience. But understanding the process can aid you in navigating it and eventually find a solution. 1. When a borrower is late on payments, the lender can repossess the car as soon as you are in default — and also to send it send it to a debt collection company. The exact number of missed payments required to default on your loan is determined by your state and your loan contract. In certain cases, you will only need make one missed payment in order to be in default. In other cases you may need to be late by two or three times to cause an issue. At this point, open dialogue with your lender is vitally important. If you are able to negotiate an extension, now’s the right time to inquire. 2. Lender takes your car Once you are in default the lender could or might not send you a notice of its intention to repossess the car. Call your lender to inquire about an interim payment plan to avoid repossession should you get an official notice. Depending on your state and the state of your car, the lender may be able to take possession of your vehicle at any time — regardless of whether or not you’ve received a notification. 3. Lender sells the vehicle Once the lender has possession of the vehicle, it could hold onto the car until you are caught up on your loan. But the more likely outcome will be that the lender will eventually sell the car. In several states, the lender must inform you of the sale and give you the opportunity to reinstate your loan. If you want to buy the vehicle before the sale, you’ll need to pay the full amount owed , including any costs associated with repossession. Many repossessions are auctioned off. You are entitled to be there and place an offer for your car. 4. Lender pays you for any deficiency . When you sell the vehicle the lender has to use the funds to pay the debt you have to pay. But the sale price might not be enough to cover your entire debt. If you have more debt than your lender gets in exchange for selling the vehicle, it’s an indeficiency. Unfortunately, in many states you can be sued by your lender could be able to sue you for any defects. For instance, suppose that you owe $10,000, but your lender only sells it for $7,000. In that case, the deficiency is $3,000 and the lender could be able to sue you for the difference. However, if there is a surplus from the sale, the lender may be required to pass it on to you. It is not a common scenario, but if it does occur, you’ll at the very least get a tiny benefit of the transaction. Other methods to avoid repossession Refusing repossession is a major concern for many consumers. Since your car is probably a crucial part of the way you earn a living. A few ways to prevent repossession include Reestablishing the loan: If you can get current on your past-due payments then the lender will allow you to reinstate the loan. Essentially, that means you are bringing the situation back to the beginning. Once reinstated, you’ll need to continue making your usual car payments. Make sure you pay off the loan: Of course that paying off the whole auto loan is easier to say than do. However, if this is in your reach this is a way to exit this situation. Refinancing is difficult as your credit score is taking the hit when you miss payments. If you can locate the right loan with a lower interest rate or monthly payment, could be the right move to manage your finances. Declare bankruptcy. If you’re behind in other charges The bankruptcy process could be an alternative. Although there are options to do so but it’s not an assurance. Repossession may still happen when you don’t discover a solution that works. The drawback to these options is that you’ll probably require the funds to settle the issue. In the end, if you’re faced with the uncomfortable possibility of repossession, talk to your lender immediately. With open lines of communication with your lender, the lender might be able to offer a solution that is suitable for all.

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The article was written by a contributing writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of topics, such as savings, banking homeownership, homebuying, and personal finances. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances by providing concise, well-studied and well-researched content that break down complex topics into digestible chunks.

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