What should I do if I am unable to meet my car loan payments?

You can delay or avoid repossession of your vehicle, in some cases, if you talk to your creditor as soon as you realize that you will be late on a loan payment. When you contact your creditor, you should try to negotiate a modified payment plan or modification of the loan. You should ask the creditor to put any modifications in writing. This writing is generally called a "workout agreement."

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