Prevent Car Repossession By Working With Your Lender
Many of you may think how to avoid repossession of your car but you need to know that such a proposition can be realized. Preventing car repossession could be relatively easier if you contact your lender once you have missed couple of car instalments. Lender might be willing to give you a revised payment schedule which is manageable and sustainable.
- If car gets repossessed you will have to take recourse to public transport system.
- Car repossession record can have adverse impact on credit report for up to 7 years.
- Borrowers, who have previous car repossession histories, will find it difficult to get new loans.
- If the repossessed car gets sold at lender’s auction for lesser price, balance loan dues will have to be paid.
The following could be the outcome of car repossession because of which you must avoid it.