{"id":6273,"date":"2024-11-08T05:52:40","date_gmt":"2024-11-08T13:52:40","guid":{"rendered":"\/wp-site\/?p=6273"},"modified":"2024-11-09T09:22:48","modified_gmt":"2024-11-09T17:22:48","slug":"how-many-car-payments-can-you-miss-before-repo","status":"publish","type":"post","link":"https:\/\/jerry.ai\/car-loan\/how-many-car-payments-can-you-miss-before-repo\/","title":{"rendered":"How Many Car Payments Can You Miss Before Repo?"},"content":{"rendered":"\n<p>In most cases, lenders won\u2019t repossess your car until you\u2019ve missed payments for 60\u201390 days\u2014but that\u2019s not always the case.<\/p>\n\n\n\n<blockquote class=\"wp-block-jerry-key-takeaway border-primary flex flex-col rounded bg-gray-50 p-6 border-l-0\"><div class=\"flex flex-col md:block md:space-x-1\"><span class=\"has-primary-color text-lg font-semibold\">QUICK LOOK<\/span><span class=\"text-gray-900 text-base\"><\/span><\/div><div class=\"jerry-block-content\" contentclassname=\"text-gray-900 text-base\">\n<ul class=\"wp-block-list\">\n<li>In many cases, you can risk a repossession after missing even one car payment.<\/li>\n\n\n\n<li>Missed car payments will negatively affect your credit score and can result in the finance company taking possession of your car.<\/li>\n\n\n\n<li>Even if you don\u2019t face repossession, missing any car loan payment can have a serious financial impact.<\/li>\n<\/ul>\n<\/div><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Risk-for-repossession-after-one-missed-payment\">You may be at risk for repossession after one missed payment<\/h2>\n\n\n\n<p>Lenders usually won\u2019t repossess your car until no payments have been made for 60\u201390 days. But it depends on how repossession works per your state law.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Most areas allow lenders to begin the repossession process as soon as the car is in default\u2014or as soon as you\u2019ve missed one payment<\/li>\n\n\n\n<li>If the loan is in default, the lender can repossess your car at any time without notice\u2014and can come to your property to do so<\/li>\n\n\n\n<li>Even if your car isn\u2019t repossessed, missed payments are costly and usually stay on your credit record for about seven years<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"container-lazyload preview-lazyload container-youtube js-lazyload--not-loaded\"><a href=\"https:\/\/youtu.be\/O0psCY0Dj04\" class=\"lazy-load-youtube preview-lazyload preview-youtube\" data-video-title=\"How Many Car Payments Can You Miss Before Repo?\" title=\"Play video &quot;How Many Car Payments Can You Miss Before Repo?&quot;\" target=\"_blank\" rel=\"noopener\">https:\/\/youtu.be\/O0psCY0Dj04<\/a><noscript>Video can&#8217;t be loaded because JavaScript is disabled: <a href=\"https:\/\/youtu.be\/O0psCY0Dj04\" title=\"How Many Car Payments Can You Miss Before Repo?\" target=\"_blank\" rel=\"noopener\">How Many Car Payments Can You Miss Before Repo? (https:\/\/youtu.be\/O0psCY0Dj04)<\/a><\/noscript><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Lender-has-to-notify-you-before-repoing-the-car\">Your lender has to notify you before repoing the car<\/h2>\n\n\n\n<p>If your lender moves to repossess your car, they must provide you with certain notices, starting with a notice of intent to sell the property.<\/p>\n\n\n\n<p>You\u2019ll have a chance to make the required payment(s) and get your repossessed car back before it\u2019s auctioned off or privately sold.<\/p>\n\n\n\n<p>If your car is sold, you\u2019ll receive notice of the amount it sold for and whether you still owe a remaining balance (called the deficiency). If you cannot pay this balance, lenders may send it to a collections agency.<\/p>\n\n\n\n<p>Ignoring this issue won\u2019t make it go away. You may receive a summons to appear in court, and failing to appear can cause a judgment to be entered against you.<\/p>\n\n\n\n<p>In the worst case, the financing company can freeze your assets and seize your personal property in an attempt to recoup their losses.<\/p>\n\n\n\n<blockquote class=\"wp-block-jerry-key-takeaway border-primary flex flex-col rounded bg-gray-50 p-6 border-l-4\"><div class=\"flex flex-col md:block md:space-x-1\"><span class=\"has-primary-color text-lg font-semibold\">Key Takeaway<\/span><span class=\"text-gray-900 text-base\">Even after a car repossession, you could still owe your lender a remaining balance. If you\u2019re unable to pay it, you could end up in court.<\/span><\/div><div class=\"jerry-block-content\" contentclassname=\"text-gray-900 text-base\"><\/div><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Take-action-immediately-if-you-miss-a-car-payment\">Take action immediately if you miss a car payment<\/h2>\n\n\n\n<p>If you do miss a car payment, it\u2019s important to take action immediately. You\u2019ll need to get everything in order and communicate with your lender to avoid repercussions for late payments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Figure out how much you owe (and whether you can pay it)<\/h3>\n\n\n\n<p>Immediately check your loan balance, if there is a grace period for missed payments, and whether you owe a late fee or missed payment fee.<\/p>\n\n\n\n<p>Sometimes an NSF fee can also apply if you\u2019re on automatic withdrawals and the payment bounced on the due date.<\/p>\n\n\n\n<p>Look at your budget to see if there are areas you can cut back in so that you can put more money towards your car payments.<\/p>\n\n\n\n<blockquote class=\"wp-block-jerry-key-takeaway border-primary flex flex-col rounded bg-gray-50 p-6 border-l-4\"><div class=\"flex flex-col md:block md:space-x-1\"><span class=\"has-primary-color text-lg font-semibold\">Pro Tip<\/span><span class=\"text-gray-900 text-base\">Generally speaking, you should try to keep car-related expenses to no more than 20% of your after-tax income.<\/span><\/div><div class=\"jerry-block-content\" contentclassname=\"text-gray-900 text-base\"><\/div><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">2. Determine your options<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>If you can afford to make the payment:<\/strong> Call your lender and have them re-process the payment as soon as possible. If you don\u2019t have automatic payments, set them up so you don\u2019t miss another in the future.<\/li>\n\n\n\n<li><strong>If you can\u2019t afford the payment and it\u2019s a one-time issue<\/strong>: You might be able to defer the loan payment or set up a payment plan with your lender. Deferment pushes the due date to the end of the loan term, and you\u2019ll typically only be required to pay the interest for that month instead of the entire loan payment.<\/li>\n\n\n\n<li><strong>If you can\u2019t afford the payment on an ongoing basis:<\/strong> Your car loan is likely unaffordable for you. Defer the missed payment and then look at your options. Trading a car with a loan is possible\u2014or you can try to refinance your car to get a lower monthly payment or interest rate.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. Call your lender<\/h3>\n\n\n\n<p>Let your lender know what happened and ask about potential solutions. Remember to be polite\u2014after all, you\u2019re the borrower and asking for their help!<\/p>\n\n\n\n<p>Lenders may be more willing to help you if you show that you\u2019re committed to doing something about the situation. If you appear to be in a downward spiral, though, you may actually raise their concern.<\/p>\n\n\n\n<p>If there\u2019s a specific reason for your late car payments, like losing your job, they may ask for proof. Be prepared to provide evidence of your financial hardship in this case.<\/p>\n\n\n\n<p><strong>Be on alert:<\/strong> You may be asked to sign a loan deferment to delay your payments. Take your time to read all the fine print and make sure you understand the document before you sign.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Get-help-with-personal-finances-and-car-ownership\">Get help with personal finances and car ownership<\/h2>\n\n\n\n<p>Whether you just missed your first payment or have many payments past due, you may need to change some things budget-wise\u2014or change the terms of your auto loan.<\/p>\n\n\n\n<p><a href=\"\/signup\">Jerry<\/a>, the first AllCar App, has a free auto refinancing tool that can help you score a lower monthly payment by shopping around for a new lender.<\/p>\n\n\n\n<div class=\"wp-block-jerry-cta\"><div class=\"flex flex-col items-start gap-4 rounded-xl border border-zinc-200 px-12 py-8 md:flex-row md:items-center md:gap-14\"><div class=\"flex-1\"><span class=\"text-xl font-black text-gray-900\">Find affordable car insurance in minutes.<\/span><\/div><div class=\"flex-1\"><a href=\"\/signup\" class=\"bg-primary block w-full rounded-full px-14 py-2 text-center font-black text-white hover:no-underline\">COMPARE QUOTES<\/a><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-jerry-meet-experts\" data-wp-interactive=\"jerry\/meet-experts\" data-wp-context=\"{&quot;modalVisible&quot;:false}\">\n  <div class=\"font-circular text-2xl font-extrabold text-slate-900\">Expert-driven. Built for you.<\/div>\n\n  <div class=\"my-3\">\n    <div class=\"flex justify-between items-center py-3 border-b border-neutral-200 cursor-pointer font-semibold text-gray-900\" data-wp-on-async--click=\"actions.toggleModal\">\n  <button class=\"text-left text-base\" type=\"button\">\n    Why you can count on Jerry&#8217;s articles  <\/button>\n\n  <div class=\"transition data-[visible=true]:md:rotate-180 text-xs iconify i--chevron-down text-gray-500\" data-wp-bind--data-visible=\"context.modalVisible\"><\/div>\n<\/div>\n<div class=\"modal-backdrop fixed bottom-0 left-0 right-0 top-0 z-50 overflow-hidden overscroll-contain bg-black\/70 font-body transition-transform delay-100 duration-0 md:relative md:z-auto [&amp;:not([data-visible=true])]:translate-y-full [&amp;:not([data-visible=true])]:bg-black\/0 [&amp;:not([data-visible=true])]:md:hidden\" data-wp-init=\"callbacks.onModalInit\" data-wp-on-async--click=\"actions.hideModal\" data-wp-bind--data-visible=\"context.modalVisible\">\n  <div class=\"modal-view fixed bottom-0 left-0 right-0 flex max-h-[75%] w-full flex-col rounded-t-3xl bg-white pb-7 pl-7 pt-3.5 transition md:relative md:rounded-none md:pl-0 md:transition-none [&amp;:not([data-visible=true])]:translate-y-full [&amp;:not([data-visible=true])]:md:hidden\" data-wp-bind--data-visible=\"context.modalVisible\">\n    <div class=\"modal-header md:hidden flex justify-between items-center pb-1 mb-1 border-b border-zinc-200\">\n      <div class=\"modal-title text-base font-semibold\">Summary<\/div>\n\n      <div\n        class=\"modal-close-btn wp-block-group w-11 h-11 mr-2.5 content-center text-center\"\n        data-wp-on-async--click=\"actions.hideModal\"\n      >\n        <div class=\"iconify i--close text-gray-500 cursor-pointer\"><\/div>\n      <\/div>\n    <\/div>\n\n    <div class=\"modal-body pr-7 overflow-y-auto\"><div class=\"wp-block-template-part\"><div class=\"flex flex-row items-center gap-2.5 rounded-lg bg-gray-pink px-4 py-5\">\n  <span class=\"iconify mt-0.5 shrink-0 self-start text-xs text-primary i--shield-check\"><\/span>\n\n  <div>\n    <div class=\"font-body text-xs font-bold text-primary\">Our goal is clear, trustworthy information.<\/div>\n    <div class=\"mt-1 font-body text-xs text-gray-600\">\n      Our content is created, edited and fact checked by a team of licensed insurance agents, automotive pros and\n      experienced journalists who know the industry inside and out. Facts are thoroughly researched, verified and kept\n      current, and our editorial team is separate from our business partners, so our opinions &#038; tips are unbiased. All\n      insights drawn from Jerry\u2019s proprietary, aggregated customer auto insurance quotes data provide unique, real-world\n      guidance.\n    <\/div>\n  <\/div>\n<\/div>\n<\/div><\/div>\n  <\/div>\n<\/div>\n  <\/div>\n\n  <div class=\"text-base font-semibold text-gray-900\">Our experts<\/div>\n\n  <div class=\"my-8 flex flex-col gap-8 items-center justify-center\">\n          <div\n        class=\"meet-experts-item group relative flex h-auto w-full flex-none flex-col justify-between overflow-hidden rounded-3xl py-9 text-sm shadow-variant-card\"\n        data-expand=\"false\"\n        data-wp-init=\"callbacks.onItemInit\"\n      >\n        <div class=\"grid h-full w-full grid-cols-1 overflow-hidden px-8 md:grid-cols-4\">\n          <img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"250\" src=\"\/wp-content\/uploads\/2024\/11\/Jacoba-Bood.png\" class=\"size-16 rounded-full md:size-32 col-span-1 md:ml-4\" alt=\"meet-experts-thumbnail\" srcset=\"\/wp-content\/uploads\/2024\/11\/Jacoba-Bood.png 250w, \/wp-content\/uploads\/2024\/11\/Jacoba-Bood-150x150.png 150w, \/wp-content\/uploads\/2024\/11\/Jacoba-Bood-56x56.png 56w, \/wp-content\/uploads\/2024\/11\/Jacoba-Bood-120x120.png 120w\" sizes=\"auto, (max-width: 346px) 260px, (max-width: 576px) 432px, (max-width: 720px) 540px, (min-width: 720px) 250px, 100vw\" fetchpriority=\"low\"\/>\n          <div class=\"col-span-3\">\n            <div class=\"my-4 flex-1 content-center font-circular text-lg font-medium text-slate-900 md:mt-0\">\n              Jacoba Bood            <\/div>\n\n            \n            <div class=\"text-slate-500 mt-2 leading-6\">\n              <p>Jacoba is an insurance writer with over seven years of experience. Jacoba specializes in insurance and finance, combining her background in sociology with a love of learning and passion for writing to create content in straightforward terms that car enthusiasts and beginners alike can understand. As one of Jerry\u2019s first content contributors, Jacoba has written everything from city guides to advice for bad-credit car loans. Before joining Jerry, Jacoba worked as a freelance content creator with a knack for translating complex, dense material into easily understood and actionable content.<\/p>            <\/div>\n          <\/div>\n        <\/div>\n\n        <div class=\"absolute hidden group-data-[expand=true]:flex bottom-0 w-full h-24 bg-gradient-to-t from-white from-30% to-transparent to-100% items-end justify-center\">\n          <div\n            class=\"flex cursor-pointer flex-row items-center gap-2 my-4 font-circular text-primary\"\n            data-wp-on-async--click=\"actions.onItemExpandClick\"\n          >\n            <span class=\"text-sm\">See more<\/span>\n            <span class=\"iconify i--chevron-down text-xs\"><\/span>\n          <\/div>\n        <\/div>\n      <\/div>\n          <div\n        class=\"meet-experts-item group relative flex h-auto w-full flex-none flex-col justify-between overflow-hidden rounded-3xl py-9 text-sm shadow-variant-card\"\n        data-expand=\"false\"\n        data-wp-init=\"callbacks.onItemInit\"\n      >\n        <div class=\"grid h-full w-full grid-cols-1 overflow-hidden px-8 md:grid-cols-4\">\n          <img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"250\" src=\"\/wp-content\/uploads\/2024\/09\/Bellina-Gaskey.png\" class=\"size-16 rounded-full md:size-32 col-span-1 md:ml-4\" alt=\"meet-experts-thumbnail\" srcset=\"\/wp-content\/uploads\/2024\/09\/Bellina-Gaskey.png 250w, \/wp-content\/uploads\/2024\/09\/Bellina-Gaskey-150x150.png 150w, \/wp-content\/uploads\/2024\/09\/Bellina-Gaskey-56x56.png 56w, \/wp-content\/uploads\/2024\/09\/Bellina-Gaskey-120x120.png 120w\" sizes=\"auto, (max-width: 346px) 260px, (max-width: 576px) 432px, (max-width: 720px) 540px, (min-width: 720px) 250px, 100vw\" fetchpriority=\"low\"\/>\n          <div class=\"col-span-3\">\n            <div class=\"my-4 flex-1 content-center font-circular text-lg font-medium text-slate-900 md:mt-0\">\n              Bellina Gaskey            <\/div>\n\n            \n            <div class=\"text-slate-500 mt-2 leading-6\">\n              <p>Bellina Gaskey is Jerry\u2019s content editor and head of video. The Motor City native\u00a0 specializes in creating articles and video content car owners can use to reduce costs, master repair skills, and learn more about all things car. Bellina has edited nearly 2,000 articles on car ownership and home insurance topics, and scripted and appeared in over 350 videos on car ownership, insurance tips, and automotive news racking up more than three million views. Prior to joining Jerry, Bellina worked as a media consultant for a legal e-discovery startup and as a research assistant at the University of Michigan, where she completed a degree in Classical Languages and Literature.<\/p>            <\/div>\n          <\/div>\n        <\/div>\n\n        <div class=\"absolute hidden group-data-[expand=true]:flex bottom-0 w-full h-24 bg-gradient-to-t from-white from-30% to-transparent to-100% items-end justify-center\">\n          <div\n            class=\"flex cursor-pointer flex-row items-center gap-2 my-4 font-circular text-primary\"\n            data-wp-on-async--click=\"actions.onItemExpandClick\"\n          >\n            <span class=\"text-sm\">See more<\/span>\n            <span class=\"iconify i--chevron-down text-xs\"><\/span>\n          <\/div>\n        <\/div>\n      <\/div>\n          <div\n        class=\"meet-experts-item group relative flex h-auto w-full flex-none flex-col justify-between overflow-hidden rounded-3xl py-9 text-sm shadow-variant-card\"\n        data-expand=\"false\"\n        data-wp-init=\"callbacks.onItemInit\"\n      >\n        <div class=\"grid h-full w-full grid-cols-1 overflow-hidden px-8 md:grid-cols-4\">\n          <img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"250\" src=\"\/wp-content\/uploads\/2024\/09\/Georgina-Grant.png\" class=\"size-16 rounded-full md:size-32 col-span-1 md:ml-4\" alt=\"meet-experts-thumbnail\" srcset=\"\/wp-content\/uploads\/2024\/09\/Georgina-Grant.png 250w, \/wp-content\/uploads\/2024\/09\/Georgina-Grant-150x150.png 150w, \/wp-content\/uploads\/2024\/09\/Georgina-Grant-56x56.png 56w, \/wp-content\/uploads\/2024\/09\/Georgina-Grant-120x120.png 120w\" sizes=\"auto, (max-width: 346px) 260px, (max-width: 576px) 432px, (max-width: 720px) 540px, (min-width: 720px) 250px, 100vw\" fetchpriority=\"low\"\/>\n          <div class=\"col-span-3\">\n            <div class=\"my-4 flex-1 content-center font-circular text-lg font-medium text-slate-900 md:mt-0\">\n              Georgina Grant            <\/div>\n\n            \n            <div class=\"text-slate-500 mt-2 leading-6\">\n              <p>Georgina Grant is a senior insurance editor and researcher with 8 years of experience in digital communications. She specializes in home insurance and car maintenance and strives to create accurate and comprehensive guides that highlight the details that matter most to homeowners and drivers. Georgina has edited over 1,500 articles for Jerry on topics ranging from engine oil capacity to state community property laws. Prior to joining Jerry\u2019s editorial team in 2021, Georgina worked as a contributor at Forbes, a film development intern at Madison Wells, and a content editor at professional coaching agency Readily. Her work has appeared in Forbes and The Stanford Daily.<\/p>            <\/div>\n          <\/div>\n        <\/div>\n\n        <div class=\"absolute hidden group-data-[expand=true]:flex bottom-0 w-full h-24 bg-gradient-to-t from-white from-30% to-transparent to-100% items-end justify-center\">\n          <div\n            class=\"flex cursor-pointer flex-row items-center gap-2 my-4 font-circular text-primary\"\n            data-wp-on-async--click=\"actions.onItemExpandClick\"\n          >\n            <span class=\"text-sm\">See more<\/span>\n            <span class=\"iconify i--chevron-down text-xs\"><\/span>\n          <\/div>\n        <\/div>\n      <\/div>\n      <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Missing a single payment could put you at risk for repossession\u2014but you\u2019ll usually have between 60-90 days.<\/p>\n","protected":false},"author":19,"featured_media":64507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jerry_authors":"[{\"id\":\"140\",\"type\":\"main-author\"},{\"id\":\"48\",\"type\":\"editor\"},{\"id\":\"117\",\"type\":\"reviewer\"}]","jerry_author_ids":[140],"jerry_idx_page_label":"","jerry_meta_desc":"Missing a single payment could put you at risk for repossession\u2014but you\u2019ll usually have between 60-90 days.","jerry_related_posts":"[6079,5177,8452]","jerry_summary":"","inline_featured_image":false,"_lmt_disableupdate":"yes","_lmt_disable":"","footnotes":""},"categories":[16],"tags":[57,100,111,625],"class_list":["post-6273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-car-loan","tag-auto-refinance","tag-car-financing","tag-car-loans","tag-resource_car_loan"],"modified_by":"harveen.sran@getjerry.com","_links":{"self":[{"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/posts\/6273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/comments?post=6273"}],"version-history":[{"count":3,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/posts\/6273\/revisions"}],"predecessor-version":[{"id":64505,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/posts\/6273\/revisions\/64505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/media\/64507"}],"wp:attachment":[{"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/media?parent=6273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/categories?post=6273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/tags?post=6273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}