How Do You Protect Yourself Against Auto Repossession?
Financial troubles can affect almost anyone from time to time. There are just too many unforeseen events in life that can sneak up and take a big bite out of your bank account. When finances are tight, it’s only natural to start worrying about being able to pay all your bills or getting your car repossessed. Fortunately, there are ways to protect yourself against auto repossession, even in the direst of financial circumstances. Call your lender as soon as you know you’re going to be late on a payment. If this is going to be a one-time incident, let the lender know when the payment can be expected. This way, the lender knows the money is coming and won’t initiate repossession procedures. Attempt to renegotiate the terms of your loan if you know you’re going to have trouble paying it for a while. Many lenders are willing to work with clients and may offer you such options as tacking on the missed payments to the end of the loan, granting you a forbearance or deferment, or lowering your m
