![]() ![]() Something is going to have to be cut out. If your expenses leave you with barely enough to survive on, you also have a problem. If you’re in the red at this point, you have a problem. These can include elements like bills, rent, car payments, etc. You’re going to want to make a spreadsheet with your earned income over the course of the month minus your necessary expenditures. ![]() Your situation is this: You have a car that you may no longer be able to afford and are struggling to make payments on. First, you’re going to want to crunch some numbers. If you have fallen behind on your car payments, there are steps that you can take to avoid the inevitability of repossession. Tips for Dealing With the Threat of Repossession Debtors who want to work out some type of solution with their lender must explain their situation, offer a solution and have any agreements put in writing if they want to avoid car repossession. Truth – While it is important to communicate with your lender when you are facing financial challenges, doing so does not guarantee that you will avoid vehicle repossession. Myth #3 – The lender will be less likely to repossess my vehicle if I explain what a tough time I’m having financially. The lender still has a right to repossess the vehicle for non-payment. Therefore the unpaid portion is considered late. Truth – Partial payment on your car note is not full payment. Myth #2 – If I make a partial payment to the car finance company they do not have a right to repossess my vehicle. While it is unlikely that a lender will send out the repo man just because you are a few days late, the important thing is that they are not obligated legally to give you time. Truth – Car finance companies have the legal right to repossess your vehicle even if you are just one day late paying your bill. Myth #1 – Car finance companies have to wait until you are at least 3 months behind on your payments before they can repossess your car. Common Myths About Car Repossessionīelow are few myths about car repossession that every debtor needs to know: ![]() Unfortunately, in their attempts to find out how they can save their car from repossession, they are the victims of misinformation and outright scams. Debtors who have fallen behind on their car payments are at risk for vehicle repossession. ![]()
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