How to Prevent Vehicle Repossession

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Preventing vehicle repossession requires paying the monthly note on the car loan in a timely manner, and it should take as much priority as a mortgage or rent payment. Pay off a car loan to prevent repossession with information from a registered financial consultant in this free video on personal finance.

Part of the Video Series: Personal Financial Advice
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Video Transcript

This is financial adviser, Patrick Munro. Having a vehicle is a privilege, and we want to talk today about how to prevent vehicle repossession. Make sure that you pay your coupon on your vehicle loan in a timely fashion. It is as important, after all, as paying your mortgage or your shelter or your rent on time, as well. You have an obligation to your landlord. And transportation is just as important. You have an obligation to pay the loan, and there's certain amounts of loan payments that have to be made on a car. 48 of them, most notably, sometimes 60 payments, in fact, before the car is yours. You want to make sure that when you make your car payment, it's not done at the very last minute, but rather in enough time to arrive at a comfortable fashion to the bank so that they do not get in a position where they would call forward the resources that would cause you to lose your vehicle. And what that is are contract tow truck operators that are very good at what they do. And while you're sleeping, they can arrive at your home. They have a court order, and they have the mechanical equipment to literally take your car from out from under your nose. I've seen it happen. Make sure you pay your vehicle payment on time. And this way, you'll learn how to prevent vehicle repossession.

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