Options to Avoiding a Vehicle Repossession
- Refinancing: If you qualify, you may be able to refinance your loan for an extended term and/or lower interest rate, which would reduce your monthly payments
- Loan Modification: You may qualify for a modification of your existing loan in order to make your payments more affordable
- Forbearance: You may qualify for temporary forbearance arrangements (i.e. extension of payment), depending on your situation
- Sale: If you sell the vehicle yourself, you may be able to generate enough sale proceeds to pay off your loan in full. If the purchase price is insufficient to pay the loan in full, we may be willing to release the lien for less than the full balance and make alternative payment arrangements for the deficiency.