Car Repossession - How Does Car Repo Work?
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is Car Repo?
How Does Car Repo Work?
When Can a Car Be Repossessed?
Vehicle Repossession Laws
Your Personal Property
Selling Price
Can Filing For Bankruptcy Protect You From Car Repo?
Impact of Car Repossession on Credit Score
How Much Does Car Repo Cost?
How to Avoid Auto Repossession
Communicating With Your Lender
Refinancing Your Car Loan
Pros & Cons of Refinancing a Car
Potential for a lower interest rate Potential for lower monthly payments Different loan terms
Possible prepayment penalty when you use the new loan to pay off your old loan (refinancing with the same lender may be a way to avoid or minimize this fee) Fees involved in refinancing a car Temporary credit score dip
Voluntary Repossession
Paying Off the Loan
The Takeaway
About the Author
Kelly Boyer Sagert is an Emmy Award-nominated writer with decades of professional writing experience. As she was getting her writing career off the ground, she spent several years working at a savings and loan institution, working in the following departments: savings, loans, IRAs, and auditing. She has published thousands of pieces online and in print.
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