car loan sold to collection agency

my car loan was recently sold to a collection agency. I am 15 days late on my payment. can it get repossessed?

Comments for car loan sold to collection agency

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Dec 22, 2011
car loan sold to collection agency
by: Debtcollectionanswers

You are always at risk for a repossession when you fall behind on your car loan payments. If you need the car, I would try to make arrangements to get caught up on your payments immediately, assuming you can afford to. For example, maybe you can get caught up by paying something extra on each monthly payment until you have paid off the past due amount. However, you would have to negotiate this with whoever has your car loan now and you should get the terms of your agreement in writing.

I don't know anything about your overall financial situation and I am not an attorney, but another option you might want to consider is filing for bankruptcy. Bankruptcy would stop the repossession and any other collection actions and give you time to figure out how to deal with your debts. Depending on the kind of bankruptcy you file, some or all of your unsecured debts would get wiped out.

Bankruptcy is a very complicated process however and so you should not try to do it on your own. If you would like a free initial consultation with a bankruptcy attorney, go here:
a free consultation with a bankruptcy attorney.


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