Keeping Your Car
February 12th, 2010 | by admin |Most people don’t realize that as soon as they are late on even one car payment that they are subject to a potential repossession. It’s not like a house foreclosure where you can be late for quite awhile before you might lose your home. In fact, you would think that lenders would be getting more lenient as things have deteriorated in the economy, but in fact they have become more aggressive in getting their collateral (your car) back. To get your car back, the lender will do a repossession order and then there will be multiple repo men looking for your car. At that point, it is too late to keep your car from being taken. You will have to let it go and get current on payments and pay for the tow if you want it back.