Auto Repossessions are at an all time high, but the Repo Man is getting left out in the cold! Customers are returning their cars, trucks, and SUV's at an alarming rate, but are bringing them to the dealerships to drop them off voluntarily! It will still show as a Repossession on your credit, but what are customers to do when they cannot afford the car note anymore.
Here are a few tips that may help someone that is going through this dilemma:
1. Make sure to call the lender and try to work something out. You never know until you call, but this is the first thing to consider. The lender really does not want to repossess your car because they will most likely take a loss when they sell it--and remember, you get charged the losses taken when it sells!
2. Try to trade your car for something more affordable. Remember to check your ego at the gate and ask your salesman for help in finding something that will accomplish your goals. It may not be what you WANT right now, but may be what you NEED! Don't take that the wrong way, just trying to help.
3. Advertise your car in the newspaper or Internet to try and sell it to get out from under the notes. Here is something creative--if you get an offer that is within $3000-$4000 of payoff, go buy a car with a cheaper note and apply the rebate to your payoff to get the title cleared so you can sell. Make sure when you buy your new car that you get a car payment that is manageable.
These are just a few ideas to keep you out of Repossession status. Don't be afraid to get creative because times like these call for creative thinkers. New Car and Used Car Sales are going up each month as well so there is light at the end of the tunnel. And, Never say that it cant get any worse because it can always get worse!
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