Vehicle Repossession

Having your vehicle repossessed is a very embarrassing and stressful experience. As fuel prices and unemployment rates go up, more people are having their vehicles repossessed. Adults with ADD are more vulnerable to repossession because:

Poor Deadline Management - Repossession usually happens after someone is late on their vehicle loan for at least 30 days, for many lenders it is 60 days. However once you hit that deadline the lender will act very swiftly to repossess your vehicle. When other deadlines are missed the consequences usually are not as severe as losing your car.

Attentional Avoidance - The thought of repossession can be very stressful, in order to avoid dealing with this stress, the ADHD mind is more likely to focus on other thoughts or activities.

Repossession is the last resort that your lender wants to take. It costs a lender a good deal of money to have your car repossessed. They would rather work with you to find other ways to deal with repaying your loan. On a regular basis they deal with people who are having issues paying their loan, but in order to work with you, you have to be willing to contact them and explain why you are having problems paying the loan.

If you can not work out a payment plan with your lender, you still have a couple of options in order to avoid repossession:

1. Perhaps you can refinance the loan with another lender, or use a home equity to loan to reduce your payments by lengthening the amount of time you have to pay the loan.

2. You could work with the lender to sell the car yourself.

3. You could swallow your pride and ask for a loan from a close friend or family member. Just remember that there are always strings attached to this type of loan.

If you are having issues paying your vehicle loan, it can be also time to examine your lifestyle. Perhaps there are certain things that you need to downsize, such as housing, entertainment, transportation and food expenses. This is also the time where you might want to have someone you trust help you with making sure you have enough money to pay your bills and to make sure that your bills are being paid. Just remember avoiding the thought of having your car repossessed will not make it go away, by dealing with your problem you will save time, money, future embarrassment, and more than likely your vehicle as well.

Comments

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