How can you stop repossession?

Most automobile financing agreements allow a creditor to repossess your car any time you're in default. No notice is required. If your car is repossessed, you may have to pay the full balance due on the loan, as well as towing and storage costs, to get it back. If you can't do this, the creditor may sell the car.

If you see default approaching, you may be better off selling the car yourself and paying off the debt: You would avoid the added costs of repossession and a negative entry on your credit report.

3 ways to AVOID repossession

1. 1. pay the notes
2. 2. find someone else to pay the notes
3. 3. slip the car aboard the space shuttle bound for MARS

As a repossession specalist, I can say that paying the bill is the best way to avoid repossession. If that is not possible, talk to the bank or lender. Believe it or not, they do not want your car, they want the money and will be more than willing to deal with you. They generally loose money on a repossession. 90% of the time that I receive a repossession request, the debtor is more than 65 days behind (average is 3 months)and is avoiding calls from the lender.

In regards to hiding the vehicle or other technique, if the agent is worth his or her salt this will only delay not prevent repossession and may end up costing the debtor more. Once a repo is made and the vehicle is auctioned, any remaining balance is charged to the debtor. This includes the cost of the repossession. The more it cost me to do the job, the more it costs the bank and that cost is passed on to the debtor.