MARIETTA, Ga. -- When someone has seen his vehicle being driven down the road by a repo man, he must quickly learn how to stop car repossession. Credit-yogi.com is here to help him out by shedding some light on this subject, including:
Reinstate the Auto Loan
Make Up Past-Due Payments
Surrender the Vehicle
Refinance the Loan
Car Loan Reinstatement
One way to address how to stop vehicle repossession is to reinstate the loan. This means that a borrower can bring the loan current by paying all the missed payments and whatever fees and late charges are attached to them, in a single lump sum. Reinstating the loan is also called the right to cure a default. If this is a solution that appeals to one, keep in mind that there is only one chance to do this. Defaulting a second time will eliminate the possibility of loan reinstatement permanently.
Pay the Arrearage
First, read over the original loan documents to get a clear definition of “default” for the particular lender that approved the loan. Another option that answers how to stop car repossession is to pay the back-due balance on the loan. When one takes this action, be sure to include any late charges or other fees included for the overdue amount. It is vitally important that one makes the correct, full payment lest he be held in default for not doing so and ending up right back where he started.
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Surrender the Car
If one’s situation is such that he is consistently late on his payments, frequently misses them, or he just wants to not keep the auto loan, he can surrender the car voluntarily. As choices to respond to how to stop vehicle repossession go, this one isn’t bad. One just has to be certain that he no longer wants the car. If he can afford a different automobile that he can pay for outright, better for him. Lenders will generally allow a borrower to surrender the car, as it will save time and money by not having to hire a repossession agency.
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Automobile Loan Refinance
This is a great reply to how to stop car repossession: Refinance the original loan. Taking this action can lower one’s interest rate, allow more time to repay the loan, or chip away at the loan’s principal. All of those result in a lower monthly payment, and allows a borrower to keep his vehicle. Most lenders will refinance a car loan for customers who have good payment histories and credit scores. Apply for refinance with any online or local financer.
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