- Option 1: Reinstate the loan: To reinstate the loan, you must pay the entire amount in arrears, including any late fees and repossession costs. You may also need to pay a reinstatement fee.
- Option 2: Redeem the car: You can redeem the car by paying the entire amount owed on the loan, plus any late fees and repossession costs. You may also need to pay a redemption fee.
- File for bankruptcy: Filing for bankruptcy can stop the repossession process and may allow you to keep your car.
Contact your lender: Reach out to your lender and explain your situation. They may be willing to work with you on a payment plan.
