Repossession

You may be able to avoid repossession using one of the options below. If your car has already been repossessed it is not too late. You may still be able to get your car back.

1 Refinance You Car Loan: You may be able to refinance your vehicle and get a lower monthly payment. Check BankRate.com for a good rate.

2 Ask For A Car Loan Modification: Your lender may extend the term of your loan. This can reduce your monthly payment significantly.

3 Ask For A Deferment: Ask your lender if you can skip one of your payments. Some lenders may let you tack the deferred payment onto the end of your car loan’s term.

4 Request A Late Charge Waiver: Many lenders will waive or at least reduce late fees if you can bring car payments current with the discount.

5 File Bankruptcy: Filing bankruptcy can give you more time to pay your car loan and reduce the interest rate.

6 Illegal Repossession: Has your creditor followed the proper steps in repossessing your car? If not you may have a claim against them.

• Overwhelmed? Call 608-829-1112 or email us.