Tag: Automobile Repossession

Posts related to Automobile Repossession

We all know the feeling of opening up your banking app or website and having a notification that your car payment is late. Your stomach sinks, heart drops, and all you can think is, “oh crap!” The good news is that there is usually a grace period before your payment is actually considered “late,” and paying your loan a few days late is not going to end up in repossession. The bad news is this can negatively affect your credit and your reputation with the lender. If you really are in danger though, what steps do you take to avoid a repo, and what exactly does it mean for you?

The first thing you should know about repos – nobody wants them to happen. Your lender does not want to take your car back. There is a very long, very expensive process behind it. On average, lenders lose at least $5,000 every time a car [...]

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