For any number of reasons, people find themselves unable to make their car payments. The repo man is no one’s friend, at least not during his working hours. They are big, bad, mean and scary. But, they’re just doing their job. When you don’t pay your lender, they show up, sometimes at all hours of the night.
Here are three ways to avoid having your car repossessed, based on the PTMoney.com blog. For full details on each, click on the above link. Here’s a snapshot:
1. Call Your Lender – Get on the phone with the company that lent you the money for the car and talk to them about your situation. They should be open to working with you and keeping your business. They don’t want a charge-off.
2. Consider a Refinance – If you’re past that point, consider asking your lender about a refinance. Yes, you can refinance a car loan. By extending the term, you could potentially lower your payment to something you can afford each month.
3. Sell the Car – Another option would be to sell the car and completely pay off the car loan. I like this solution the best. Because if you can’t afford something, then you shouldn’t have it.
Question: Have you ever fallen behind in car payments? What did you do? Have you ever had an encounter with a repo man?