Having your car repossessed is a stressful situation that sometimes is impossible to avoid. But, if you know your vehicle is going to be taken, something to consider is a voluntary repossession.

Repo. We’ve all heard the term, but do you know what happens if a repossession is issued for you? Customers often write us with concerns about being financed after repossession. For example, this is a comment we recently received:

according to information from Experian Automotive, consumers financing a vehicle from a high-risk lender are roughly twice as likely to have that loan end in repossession versus buyers financing with a conventional vehicle loan.

If you have credit problems and you’re having trouble making your car payments, the very worst thing you can do is wait until after repossession to do something about it.

Dealing with vehicle repossession is never easy, but taking certain actions can make it harder than it has to be. Here is what you should and should not do.

Can you still get approved for an auto loan after a repossession? If so, how long after it occurs do you have to wait? Many of our potential applicants want to know the answers to these questions, and we here at Auto Credit Express want to explain this tricky situation.