Asked in
Cars & Vehicles
American Cars
Repossession
Drunk Driving (DWI or DUI)

How do i know if my car is in danger of getting repoed?

Answer

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Wiki User
September 05, 2007 1:35AM

If you have missed 1 payment, it may be in danger of being repossessed. Depends on the agreement you signed when you borrowed the money to buy your car. Read the agreement you signed. If you have missed 2 payments you can be sure repossession is a distinct possibility. If you have missed 3 payments, they are more likely than not looking for your car right now. Do not allow your car to be repossessed. Once they repossess your car they will sell it for what they can get. Usually less than it is worth. You will then be responsible for the difference in what it sells for and the balance on the loan. You may also be required to pay the repo fees. Your credit will be ruined for 7 years. Talk to the lender and work something out. They do not want to repossess your car, but you will force them to do so, if you do nothing.

If you have missed 1 payment, it may be in danger of being repossessed. Depends on the agreement you signed when you borrowed the money to buy your car. Read the agreement you signed. If you have missed 2 payments you can be sure repossession is a distinct possibility. If you have missed 3 payments, they are more likely than not looking for your car right now. Do not allow your car to be repossessed. Once they repossess your car they will sell it for what they can get. Usually less than it is worth. You will then be responsible for the difference in what it sells for and the balance on the loan. You may also be required to pay the repo fees. Your credit will be ruined for 7 years. Talk to the lender and work something out. They do not want to repossess your car, but you will force them to do so, if you do nothing.

User Avatar
Wiki User
September 05, 2007 1:35AM

If you have missed 1 payment, it may be in danger of being repossessed. Depends on the agreement you signed when you borrowed the money to buy your car. Read the agreement you signed. If you have missed 2 payments you can be sure repossession is a distinct possibility. If you have missed 3 payments, they are more likely than not looking for your car right now. Do not allow your car to be repossessed. Once they repossess your car they will sell it for what they can get. Usually less than it is worth. You will then be responsible for the difference in what it sells for and the balance on the loan. You may also be required to pay the repo fees. Your credit will be ruined for 7 years. Talk to the lender and work something out. They do not want to repossess your car, but you will force them to do so, if you do nothing.