Want to avoid the Repo Man? Auto repossession, also known as car repo, is not something you should have to worry about constantly. It is important to be aware that you have options.
1. If you own $1500 or less, you may want to get a Cash Advance Loan. They have helped some people make a payment to avoid the reposession. Although a cash advance loan has higher interest rates, it may be a better option than having your car repossessed.
2. If it is a lease that you want to get out of, you can Exit your car lease NOW with Swapalease. If you do not have a lease, you may want to post on CraigsList or a local car classifieds site to see if you can find someone to take over your payments and the car.
3. You can pay the note off. Find out what your car is worth, and determine if after selling it, you can come up with the rest of the money to pay the car off. Obviously, you are left without a car, but if it get’s repossessed, you’re going to be in the same situation anyway. Better to not have that on your record.
4. Find someone else to pay the note off to avoid reposession. This may be a long shot, but if you have anyone that can loan you some money, that will help you avoid auto repossession. It might be difficult to ask friends or family for assistance, but repossession of your car is not an option for you.
5. Contact your creditor before you know you will be late with a payment and before your auto is repossessed. Many of them will work with you if they believe that you will pay soon, even if late. Instead of repossessing your car, they might work out a revised schedule of payments for you. Make sure you get this revised schedule in writing so there is no dispute of the terms later.
6. If all else fails, you may want to consider voluntary auto repossession. This is the same situation as an auto repossession, but you are giving the car back voluntarily. You could save repo fees, legal fees, and court costs if you follow this path.
Auto repossession is the last resort for a creditor so don’t allow the situation to rise to that level.
Have you had a repossession in the past? Its okay. Get auto financing now.
Note: We currently do not offer repossession loans, but we do have a variety of auto financing options for you.