Phoenix, AZ -- (SBWIRE) -- 06/12/2013 -- Cars are a huge priority for working people. With the financial crunch, many may find their grasp on their cars becoming tenuous under leasing situations. The common tune in these situations is the phone ringing, maxed answering machines warning about late payments, and the stress of feeling fugitive, waiting for the repo man that everyone knows from film and TV. This can be avoided with careful handling. Credit Yogi can provide counsel toward avoiding the difficulty of car repossession:

- Definite Don’ts
- Postponing Repossession
- Negotiating New Terms

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Definite Don’ts

When a consumer becomes in danger of car repossession, there are several common courses of action to avoid. Once a car is repossessed it is more costly to re-obtain. The entire amount will include repossession, insurance, in addition to the balance due. Hiding the car from the repossession agent is considered automobile theft. If the repo man looks into the missing automobile, they may report the vehicle stolen. Consumers often make up lame excuses about their back payments which lenders don’t buy. Lenders are used to working with difficult consumers and hearing the same nonsense. If a car is going to be repossessed because of insurance cancellations, threatening to withhold or damage the car does not fly with lenders.

Postponing Repossession

For those wondering how to avoid car repossession, a good first rule is to be honest. Honesty is a good way to influence the outcome. Telling the lender the exact problem for the late payments, and reassuring the lender how the pay schedule will change. Working with the lender to postpone the threat of repossession by making partial payments that delay repossession in the short term can give consumers time to create new loan terms and agreements. Consumers should watch out for the closing window; partial payments can only be effective for the moment, becoming significantly less current each day.

Negotiating New Terms with Lender

The next ideal move for a consumer to make to avoid car repossession is to negotiate a refinancing or repayment agreement. Consumers can work with the lender to make an agreement that covers the remainder but changes the dates of the loan so that it is current instead of outstanding. Credit Yogi can evaluate the current stage of the mortgage with the consumer and work on the approach to the situation, informing on what to ask from the lender, while being fair and diplomatic. A surprising portion of the relationship functions around trust, personality, and repute.

About Credit-Yogi
Credit Yogi will counsel consumers through the debacle car repossession, offering assurance that they will be able to keep their car. They are a popular consumer services website that deals with every kind of financial issue using a team of over 260,000 informed experts. Call 866-964-9644 for a free consultation.