When do banks repossess cars?

Question

When do banks repossess cars?

Answer

Banks repossess car when borrowers fail to make payments on their car loans. The amount of time that it takes for this to happen will differ from one lender to the next. However, a car repossession happens far sooner than the foreclosure process for a home loan. It can be very soon after you stop making payments. If you are unsure of the length of time it may take or you are worried about losing your car in this manner, it is best to discuss your options with your attorney right away.

If you become a month behind on making payments, the lender has the right to begin the repossession process. However, many lenders are willing to negotiate repayments with borrowers who communicate with them prior to having their vehicles repossessed. If you know you are going to be late, alert your lender right away. If you do not communicate with the lender or make plans to repay the debt owed in full, plus any late fees, you could see the vehicle repossessed within two months.

If you are potentially facing repossession of a vehicle, now is the time to discuss your options with your attorney. If you do not have the means to repay the debt, a debt settlement attorney or a bankruptcy attorney may be helpful. Otherwise, work with the lender to get caught up.

 

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