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Are You Worried About Your Vehicle Being Repossessed? We can Help

Millions of Americans are unable to pay their car loans during the coronavirus pandemic. The financial insecurity caused by shutdowns related to COVID-19 has resulted in many Americans losing their jobs or having their hours at work cut by their employers. If you are one of the many Americans who have had to skip a car payment, you may be concerned about your car being repossessed. Currently, over 7% of all U.S. car loans are in some type of deferment program. 

The Dangerous of Missing Car Payments

Many Americans who never missed a car payment are now concerned about their vehicles being repossessed. Due to no fault of their own, their hours have been cut, or they have lost their jobs, and they cannot make their car payments. Some have had to sacrifice making a car payment to buy groceries or pay their mortgage. Failure to make a car payment can lead to credit score damage or your vehicle’s bank repossession. 

The exact process for repossession depends on the details in your car loan contract. Most car repossessions happen around two to three months of missing payments. If you have never missed a car payment before, your lender may be more forgiving. Once again, the sooner you address the issue with your lender, the greater the likelihood of them working with you to find a solution.

Many Lenders Have Financial Hardship Programs

If you are concerned about your car being repossessed, there is hope. Many lenders have ramped up their efforts to provide financial hardship programs. They may be more likely to be forgiving of your missed payment or payments if you ask for help or participate in their financial hardship programs. The worst thing you can do is ignore the problem and wait for them to repossess your vehicle. You will need to ask for help from your lender. The first step is to determine what types of help your lender has available.

Auto deferment payments typically help individuals whose payments are at least 30 days overdue. Most lenders will repossess your vehicle after you have missed three or more payments in a row. When you receive a forbearance or deferment, you can skip between one to three monthly car payments without paying any penalties or late fees. When the deferment. Once the deferment period is over, your lender may extend your loan or increase your monthly payments. Keep in mind that interest will continue to accrue during the deferment payment.

If you purchase your vehicle through a car dealership, they may be offering a coronavirus relief program. Many car dealers are also offering coronavirus relief programs for those who are leasing vehicles, as well. Additionally, many large and medium-sized banks have announced that they are offering coronavirus relief programs. Many states have issued protections through executive orders and legislative action to protect Americans who are facing repossession of their vehicles. 

Contact an Attorney Today

If you are concerned about your vehicle being repossessed or you would like to explore your options for filing for bankruptcy, we can help. Contact our Los Angeles Bankruptcy Attorneys today to schedule your initial consultation.

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Roger C.

I reached out to BLC to help assist with a chapter 7 business bankruptcy and they provided excellent guidance, advice, and support through the entire process. In my case an adversarial action was filed by one of the creditors and attorney Ahren Tiller and his staff provided sound ...arguments which prevailed. Couldn’t have found a more experienced and supportive team to represent me in a tricky situation. I would highly recommend them to anyone making the difficult but sometime necessary decision to find financial relief. Read more
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Justin R.

Like many others before and during the pandemic, life happenings caused me to be in a financial situation to warrant bankruptcy. The BLC was super professional all the way through the entire process. Right after I paid for my Bankruptcy, I got sick and had to have surgery and recovery. Then we ...were in full Pandemic mode. They were gracious to delay my filing until I was recovered and ready to file. I could not ask for more. The process was over all quick and painless for a simple Bankruptcy like mine. I feel a weight has been lifted and I can rebuild. Thank you for all your arduous work and patience, Gabriel, Ahren, and their teams are knowledgeable and efficient. Read more
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Katey Huntley

Responsive, friendly, kind, extremely easy to work with! So knowledgeable and made this entire process painless. Very grateful!

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Lynn Molina

Gabriel Hanna, Esq and the staff at BLC helped me in a very difficult time. I appreciate all the help and care they gave my case.

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Linda Cramer

I can’t say enough of how much this bankruptcy law firm helped me with my financial situation. They were all so helpful, efficient and made the difficult time and process as quick and easy as possible. I would recommend them to anyone I know and am glad to give my public recommendation as well. T...hey truly deserve a five star plus rating. Read more
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Andrea N.

I am very happy with my experience with BLC. Bankruptcy is not something anyone wants to go through, however everyone at BLC made my experience pleasant and easy. The process was explained thoroughly and I had an easy time reaching out and connecting with my attorney. Anika Renaud-Kim was my attorney ...and she was nothing short of amazing! She was very patient and generous with her time. Ms. Renaud-Kim definitely made me feel at ease and comfortable through the entire process. Read more
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Lidia Paramore

they did a great job for me, helped me anytime I needed something, my Lawyer Gabriel Hanna is the best, gave lots of confidence all the time..thanks BLC I will.always recommend you, I’m very grateful for your service!!!

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Rachael C.

When searching for information I had called a few different firms and received consults. BLC was the only one who didn’t shy away and provided answers and information during the consult. Once I agreed to move forward, they were supportive, informative, and eased my anxiety through the whole process.... I can’t recommend them enough. Read more
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Emily Martinez

AmazingI had many questions and uncertainties and the carefully explained it all and made it easy to understand. They facilitated a fast and easy process making this scary difficult thing simple

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Legal Disclaimer: The Bankruptcy Law Center is a California Licensed law firm with attorneys licensed in the state of CA, NY. Attorney Ahren Tiller is responsible for this advertisement. Bankruptcy Law Center’s principal office is located at 1230 Columbia st. Suite 850 San Diego, CA 92101. Prior results listed on this site do not depict or in any way infer a prediction or outcome.We are a debt relief agency proudly providing options to people with financial problems. View our Privacy Policy

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