Is my Car on a Repo-list?

Missing payments, just made a car purchase that felt too good to be true? Is my Car on a repo-list can definitely pop into your head from time to time, and there has to be a way to remedy that, right? Definitely! 

If you’ve recently purchased a vehicle, then know that the best course of action is to stay on time with your payments to your lienholder, as well as making sure your car is in tip top shape in case of any vehicular or mechanical emergencies.

Is my car on a repo-list can flaunt the mind with anxiety, and push you into a hole where you worry that someone, someday out there, will come and repossess your vehicle. Whether a repo-man acting as a partitioner for the bank, or a private agent, delivering a court ordered repossession. 

Those are all worst case scenarios in case you default on your payments. But never fear, there are ways to know if you are on a repo-list, as well as if you are behind on your payments and the privy hands of the lender are ready to snap.

Firstly, know that there isn’t some database that houses all loan deferments on the internet. Most of that is kept under wraps for personal and private sector use. Your bank (or loan officer) may very well have a list of cars they plan to repossess, but it won’t be viewable by you. Instead, get into contact with your bank and check the status of your loan.

They’ll be able to offer many details about your loan’s status, ranging from payment plan, scheduled payments as well as if you have missed any of the said payments. 

If you find yourself in the unfortunate predicament of not being able to continually make payments on your car, it will be time to surrender your vehicle willingly. Doing this will allow your credit to take less of a hit than if you had not, or even bringing up the surrendering of your car to your loaner could bring up the conversation of further payment plans.

* Find Out: How Does a Repo Man Find Your Car?

If your car is repossessed, know that although it won’t be a hot story for your local news, it will show up on your credit report. 

If you are a day or two late on your payment, know the report man won’t immediately show up and repossess your vehicle with everything inside. But if you’ve signed a contract with your loaner (banks, specifically) it’s best to check all clauses and know if there is a grace period between missing a loan payment and when/if you will be penalized for it.

You are not the first, nor will you be the last person to be late on a car payment. But know that sometimes it’s in a bank’s best interests to not let you know you are late on payments. The second you miss a payment and are going to be unable to make it, call the finance company immediately as time is of the utmost essence in allowing yourself to retain your vehicle. 

States will vary, and grace periods will vary. You need to CHECK your contract in order to find out when your car would be eligible for repossession. The most common tactic is that the second you default on your payment with no prior contact with your financier, then they have the green light to enact repossession. 

You may not get a letter, you may not even get a phone call. It may just be a knock on the door and then the race begins. If your car is repossessed, then you will have to not only make up for the payments you’ve missed on your car, but also pay the repossession fee towards the repo-man. 

Missing a car payment is human, normal, and it shouldn’t be taken that you’re a failure if you do so. Just know that actions have consequences, but there is still a way to remedy those consequences and still give you the ability to drive.


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