How to Work With Car Companies About a Repossession

Many car companies will work with a client to resolve a repossession. If the client pays the past due amount on the account, the car company may choose to give them the vehicle back. In some cases the car company will sell the repossession and then work out a payment plan with the client for the remaining balance.

1. Call the car company and ask to speak with the repossession manager. Give the repo manager your account number and the year and make of the car. Find out from the repossession manger what you need to do to regain possession of your car.


2. Ask the repossession manager for the amount of the past due payments. Find out the current balance on the account as well. Write down the information. Bring the account current if you can afford to pay the past due amount. Set up a time to pick up your vehicle from the car company once you pay the account up-to-date.


3. Work out a payment plan with the repo manager if you cannot pay the past due amount. By working out a plan, you can eventually retake possession of your car. Do not offer to pay more than you can afford, or you may end up in the same situation at a later date.


4. Ask the repo manager if refinancing the car is an option. Some car companies will refinance the vehicle if the borrower shows a willingness to meet the obligation. You may have to pay a higher interest rate, but you will have possession of the car once again. Go through the application process if the repo manager offers you a refinancing option.


5. Borrow the money to bring the account current if you exhaust all other options. Ask your relatives to help you and set up a repayment plan. Take the money to the car company and pay your past due account up-to-date. Pick up your vehicle and make the payments on time so you do not have any more problems in the future.