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Posted in Auto Loans
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lenemorgan

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should i allow my car to be repo or be late on my car payments
I read some where that it is better to allow to be late on a car payment instead of repo. Is it true? I might be about two month behind so I kinda want to know ahead of time.

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Yes, a repossession  is worse than a couple late payments.  You should contact your lender and apprise them of your situation. Try not to be more than 30 days late as a maximum. If you get paid bi-weekly, maybe make two half payments.  Even so, your credit score will take a big hit. If your vehicle is repossessed, and doesn't sell  for the full loan value; you'll be responsible for the remainder.

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