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Posted in Auto Loans
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whitehawaiian2006

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I would like to refinance my auto loan but my car has been reposssed. Can I still do this?
My vehicle was re-possessed 1 week ago and I can afford the payments that Credit Karma is suggesting to re-finance my vehicle. Can I accept the offer and refinance my auto?

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Doing a refi is just getting a new loan for the vehicle and paying off the old one. 

If the vehicle is in repo, then you do not have the right to sell it for the time being. You would need to pay whatever it takes to get it out of the repo man, and then hope that you could find someone to give you  a loan.  

It is highly unlikely given the repo, even if you can get the car back, that you would be able to get a new loan. So you are most likely stuck with what you have. 

Having said that, if you just leave the car with them, then it will be sold at auction and you will be billed for whatever amount is left between what you owe and what it sold for. A very expensive proposition and one that will only compound the credit and money issues you are facing. 

Good luck with it. 

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I would not do that until you contact the car company and get the auto back.  Tell them you're willing to resume payments, then after you're back in good standing and actually have the car back in your possession, you can see about refinancing.

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