How to Stop an Auto Repossessionby Contributor
If your car is about to be repossessed, chances are that you have been avoiding paying your auto loan bill for quite some time and that you have been avoiding the phone calls from your car loan bank. But you can still stop the repossession of your car, as long as they haven't come to pick it up yet.
Hide your car at a friend's house, so the bank can't find your car. Repossession experts will do just about anything to find out where your car is. There job is to find the car. They want to keep the contract with the bank, so they want to do the job well.
Call your bank and have a heart-to-heart conversation with them. Tell them you'd like to work something out and keep your car. This is often music to the ears of your car loan bank. But don't expect them to cut you any kind of deal.
Work the best deal you can work with the bank to keep your car and still be making payments to them. If your car is in the repossession stage of your auto loan, your bank likely will want you to pay the full amount you have due in order to stop the repossession. If you're lucky enough to have any negotiating power, take that as pure luck.
Pay the amount that's due your bank immediately. As soon as you are paid up on your account, your bank will call off the horses on your repossession. Keep in mind that there may be an added repossession fee for them having to hire the repo company to find your car. This fee may apply even if they haven't attempted to collect your vehicle.
Have your bank fax or email you a document stating that you are allowed to keep your car and that you have paid up your loan to date. This way, you can drive your car again. If the repo company comes looking for your car, you can show them your receipt and letter.