If you recently had a repossession and are making payment arrangements to pay the debt although it is too late to get the automobile back can the creditor change the status from repossession?
Probably not because the car was really reposessed. When you
sign the loan contract you are still obligated to pay the note off.
See if they auction the car off or sell it for less than you owe,
if you are still obligated to pay the original purchase price. It
looks like the bank really makes out on this deal. You pay the full
price and they make additional money by selling it again. In the
future, if you have a loan and are strapped for cash, call the
lender and negotiate a payment plan until you can catch up. They
would rather work with you than to get the legal departments
involved. Your question is a good one though. Call your lender and
see if they will change the status after you have repaid your debt.