The Repo Man Cometh - Page 2 of 2

The Repo Man Cometh

buy back the vehicle if you pay the full amount owed plus any expenses connected with its repossession, such as storage and preparation for sale. If you don’t have the full amount, the law in some states allows you to reinstate your contract and reclaim your car by paying the outstanding amount you owe, as well as repossession and related expenses such as attorney fees. If you reclaim your car, you must meet the terms of your reinstated or renegotiated contract.

For more tips, contact the Federal Trade Commission (; 877-382-4357) and log on to the Consumer Action Website www.pueblo

Communicate with your lender if you think you will be late with a payment. But do so before the payment is due to maintain the most leverage. Typically, lenders are willing to work with you.
Assess whether your inability to pay your car note is temporary or long term. If it’s temporary, work out a short-term solution with the lender, like adding the missed payment to the end of the loan term or deferring the note over three months.
Negotiate for some time if your inability to pay is long term. Then try to sell the car yourself and use the proceeds to pay off your car loan. Keep in mind, the lender has to release the title in order for you to transfer ownership.
Arrange to pay some of the note for a period of time or ask for a deferment of the note. If you reach an agreement to modify your original contract, get any revised schedule of payments in writing.