Car repossession is a traumatic experience with lasting consequences. This is why it's important to understand your rights and options before it happens. Contact the creditor as soon as you’re aware that you cannot pay, with the aim of setting up a reduced payment amount for as long as you will need it.
What you need to know if your car is about to be repossessed
- Have a valuation done on the vehicle.
- Take photos to document the condition of the vehicle when/if it is repossessed.
- Ask where the vehicle will be stored and when it is likely to be sold.