It is possible. You will get a notice from the finance company telling you exactly what you owe to get the car back. Unfortunately, your credit may be at the point where you cannot refinance it or, if you can, the rate will be outrageous. Consider a Ch. 13 bankruptcy which will allow you to get your car back and get the payments back on track.
As a repossession agent, I deal with these problems on a daily basis.
First you’ll want to have the loan reinstated with the finance company. You’ll have to pay how much you owe from missed payments, any late fees, as well as fees associated with the repossession(will be in between $200-$500).
After the loan has been reinstated, your bank will give the repo company permission to release the vehicle in your possession, IF they still have it(most repo companies inculding mine hold vehicles for 2 weeks).
Next, if possible, you can work on refinancing with the same bank or a different one.
Yeah, after the repossession falls off your credit report. You’re now considered a risk to creditors & most likely you wont be able to refinance. Unless you have a co-signer.
There are many tools and resources available to you should you be looking for auto refinance rates or a loan that will help you to either reduce your monthly payments, reduce your current interest rate, or both.
Access to the Internet is all that you need to get a great head start and begin to alleviate some of the financial burden that your car may cause. Before you move forward with the actual process of applying for an auto refinance loan or closing the deal, a few common tasks would be best served by you.
First, you will want to have an official appraisal done to the car that you wish to refinance.
This will establish a value for you vehicle that will be used to determine whether or not the lenders will be willing help you with auto refinance rates that beat the one that you currently pay.
It is possible. You will get a notice from the finance company telling you exactly what you owe to get the car back. Unfortunately, your credit may be at the point where you cannot refinance it or, if you can, the rate will be outrageous. Consider a Ch. 13 bankruptcy which will allow you to get your car back and get the payments back on track.
I’ve found some good information here too…
http://auto.deal4-you.com
Best of luck to you.
In general no. This is because cars depreciate faster than the loan balance declines and no one will lend enough to cover the original loan.
As a repossession agent, I deal with these problems on a daily basis.
First you’ll want to have the loan reinstated with the finance company. You’ll have to pay how much you owe from missed payments, any late fees, as well as fees associated with the repossession(will be in between $200-$500).
After the loan has been reinstated, your bank will give the repo company permission to release the vehicle in your possession, IF they still have it(most repo companies inculding mine hold vehicles for 2 weeks).
Next, if possible, you can work on refinancing with the same bank or a different one.
Yeah, after the repossession falls off your credit report. You’re now considered a risk to creditors & most likely you wont be able to refinance. Unless you have a co-signer.
Its just that auto loans lately been difficult to get in hand these days. The web places are good and I have heard the are a nicer experience.
Ive been told this site is good http://auto.deal4-you.com
There are many tools and resources available to you should you be looking for auto refinance rates or a loan that will help you to either reduce your monthly payments, reduce your current interest rate, or both.
Access to the Internet is all that you need to get a great head start and begin to alleviate some of the financial burden that your car may cause. Before you move forward with the actual process of applying for an auto refinance loan or closing the deal, a few common tasks would be best served by you.
First, you will want to have an official appraisal done to the car that you wish to refinance.
This will establish a value for you vehicle that will be used to determine whether or not the lenders will be willing help you with auto refinance rates that beat the one that you currently pay.