In most states, the lender must provide you with notice before repossessing your car if your loan is secured by a lien. This notice typically gives you a specific date by which you must bring your account current or the lender can repossess your vehicle.
If you're unable to make your payment, you may have several options to avoid repossession, such as:
- Contacting your lender to explain the situation and see if they can work with you on a payment plan
- Refinancing your loan with a lower interest rate or longer repayment period
- Selling the car and using the proceeds to pay off the loan
If you're facing repossession, it's important to act quickly to protect your vehicle.