Credit-Yogi

How to Halt Vehicle Repossession? Here's How

 
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Phoenix, AZ -- (SBWIRE) -- 06/18/2014 -- Sometimes things happen that end up leaving one in a financially strapped position. These may include job loss or inability to work due to injury or illness. While one fights to keep his home on solid footing, he may have to sacrifice something else, like his car, to auto repossession. There are actions that address how to stop car repossession, and the knowledgeable people at Credit-yogi.com can help define them. This well-established website helps consumers find solutions to their financial issues. Simply go online to begin the complimentary initial consultation, which may address:

- Redeeming the Vehicle
- Surrendering the Car
- Refinancing the Loan
- Bankruptcy

Vehicle Redemption

When a person can’t make his car loan payments, he can redeem the car. This means that he must pay off the entire amount due on the loan, plus any late fees or other charges he owes. Of course, if he’d had enough to pay off the loan balance, he would have done so, but he has places to look for the amount he needs. Part of figuring out how to stop car repossession is being creative and borrowing from friends, family members or an IRA.

Give the Car Back

If one cannot handle his auto loan payments, he might want to give the car back to his creditor. The well-informed experts at Credit-yogi.com can provide facts about this process with a simple phone call, and has supplied this kind of help to thousands of others over time. Generally, if one choses this option, lenders will forgive the rest of the loan balance because they save the costs of repossessing the vehicle.

Loan Refinancing

Some folks who are learning how to stop car repossession check out refinancing their loan. The idea here is that the lender (or a different one) pays the full amount due on the original loan and then draws up a new one that has lower rates or a longer repayment term. This makes things easier for the borrower and prevents repossession of his vehicle. Compare the rates and terms of several different lenders to get the very best deal.

File for Bankruptcy

When one files for bankruptcy, an automatic stay immediately goes into effect, preventing creditors from collection attempts. Chapter 7 bankruptcy allows one some time to negotiate with his lender and get his car back. Chapter 13 bankruptcy includes a payment arrangement allowing one to his vehicle. For those needing more guidance before deciding to file for bankruptcy, Credit-yogi.com is here. With its enormous group of fiscal and legal experts operating in every state, it’s easy to access the information one needs to make a good choice.

About Credit-yogi.com
Something was missing from common websites, and that was one that provides understandable facts about financial questions. Credit-yogi.com was created to satisfy that need. Thousands of consumers return to obtain the direction they need to resolve their fiscal problems, and anyone else can access it, too. Just dial 1-866-964-9644, any time – even on a Sunday evening.