Auto repossession: How to avoid it

When you’re leasing a car, it’s not a great idea to miss a payment. Of course, sometimes life gets in the way and you forget, or financial difficulties make it impossible. But it is likely that you depend on your car to get you to work, or take your kids to school. Therefore it’s really important that you keep on top of your payments, since losing a car can turn your life upside down.

This blog will provide a brief overview into how you can deal with the repossession services and keep your car if you run into some payment trouble.

Keep your car on private property

If you keep your can on secured private property, in your garage for example, it will not be possible for repossession to take place. This is because repossession services cannot take vehicles from secured private property.

Take action as soon as there is a problem

If you have already had your car repossessed, you should keep calm and remember that mature negotiation can solve a lot of problems. If you talk with your creditor, they are likely to get your car back as soon as you pay the outstanding sum. They may even agree to let you pay later if you settle for a higher interest rate.

Consider legal action

If you believe that your car has been unlawfully or wrongly repossessed and simple negotiations with your creditor are coming to no avail, then it might be time to seek legal advice. Legal services will be able to inform you of your rights and show you the best route to take.

Source: Complex, “How to stop car repossession,” accessed Sep. 20, 2017