If you fall too far in arrears on your auto payments then a repossession could happen on your credit reports.
That's where the creditor takes your automobile back from you since an auto loan is a secured loan.
The loan is warranted by the automobile.
Whenever you're in arrears on your payments, but your vehicle hasn't been reclaimed by the lender as of yet and you realize there's zero chance that you will be able to catch up your payments then you had better get acquainted with the repossession laws of your state in which you preside.
You shouldn't conceal your vehicle to avert a repossession or you may be facing felony charges for doing so.
You'll be able to get your auto back once it's been reclaimed if that's something you're about.
Naturally this wholly hinges upon your original finance contract and / or the lender you're working with.
Please go over the rules and bylaws from your state because they'll nullify whatever the lender may be saying to you.
In most states, the creditor may reclaim your auto without notification even if you're just 1 day in arrears! Naturally whenever you have a grace period in your contract then they'll have to wait longer than one day to take back your vehicle.
It's crucial to empathize that in virtually all cases, the lender doesn't wish to have a devalued asset back (your vehicle) they'd preferably have their payments.
The most crucial thing you will be able to do as a consumer that's falling behind on your auto payments would be to be sure you stay in touch with your creditor.
Nearly all of them are glad to help you since they'd much sooner accept your payments then a automobile that's worth less to them then what you owe on the contract.
Secondly, get really acquainted your states repossession laws because they'll differ substantially contingent upon the state you dwell in.