Just because you have missed a car payment does not mean you will lose your vehicle. There are some steps you can take. There are things about car repossession law that limit what dealers can do. It is worth the time and effort to give it a shot.
Much depends on who your lender is. Large national credit corporation are in no hurry to get your car. They would rather you paid eventually. They are open to negotiation. That is not always the case.
Unfortunately, the smaller the dealer, the more quickly they want the vehicle. They cannot spread the risk over a network and they need the cash flow right now. But, if you do not ask, they cannot say yes. And fifty percent is a pretty good bet. Better than nothing.
Repossession specialists can come for your car without warning. Although the laws can differ depending on your state, the law is on their side. They have some restrictions however.
And, since they need not warn you, it is you that has to take action to avoid repossession. If the dealer is open to renegotiation you will know right away. They will not be quite as friendly as the first time though.
If you seem to have a chance, then show up with a written offer of how you will go about making good on the loan. A handshake is not a legal document. Do not count on what is only verbal. Be sure that any money you bring is noted and a receipt given.
If the dealer says no, then the car will be taken. Car repossession law says that as long as they do not harm your property they can take this action. Remember, the car is not your property until it is totally paid for. So it is worth the effort.
Here is another tip. Don't wait until you are behind with payment and then try to talk to the dealer. Go and talk to the dealer before you fall behind in payments, otherwise you will be up for car repossession in accordance to the law.
