If you are behind on your car loan payments and worried your car may be repossessed there are a few things you should keep in mind. To start, in New York State, if you default on a car loan, the creditor has the right to repossess your car even if you are only a few weeks behind. They also have the right to repossess your car without notice. They don’t need permission from you or a court to come and take your vehicle.
Repossessions usually happen quickly and without warning. Most creditors will exercise their right to take a car without notice because they don’t want you to hide or damage it before they can get to it. Creditors also have the right to hire a third party to come and get the vehicle so if you’re concerned about repossession you should try to get a head of the car being repossessed to avoid these situations.
What To Do If You’re Temporarily Having Problems Making Payments
If you’ve recently lost your job, had an unexpected expense or encountered some other temporary circumstances that are causing you to be unable to make your car payment, contact your lender. Your car lender may be willing to negotiate an arrangement to help you out in the short term. This could include temporarily lowering your payments or adding missed payments on to the end of your loan term. Being proactive and talking to your lender about your situation may help you avoid repossession.