How long does it take before Santander repo a vehicle: Car is an obvious necessity, as it is more than a friend which is always there for our daily needs at different times. Now, it is even a nightmare to think that what if the car gets repoed? Well, all hell will break loose as we will be under neck deep trauma and embarrassment to say the least. However, there is a ray of hope, amidst uncertainties where the following post will focus on how you can avoid repossession after missing the payments of the car.
Remember, all of us have missed car payment at some time or other, due to various reasons. But, do you know what? You have to act really fast as the subsequent two or three missed dates can damage your credit score, and there is a high chance of repossession.
You need to understand, there is a solution to most of the problems, provided that you are sensitive and serious and have the audacity to work on the solutions, with the available resources.
Hence, it is important to be true to yourself and inform the concerned staff whether you have forgotten the payment or you can’t really pay in one go. Before moving further, let me address the basic query.
How long does it take before santander repo a vehicle 2022?
Santander is likely to initiate the process of repossession in 60 to 90 days, while complying with state regulations in the process.
Tips to avoid repossession after missing the car payments:-
Paying loan usually creates wrinkled forehead along with high blood pressure for many as it offers such a taxing time. However, don’t take too much of tension, take following steps:-
Familiarize yourself with loan related details:-
Many don’t have proper knowledge about their loan details, like loan balance, rate of interest as well as the term period. Also empower yourself with the late charges or for missing payment altogether.
Try to pay maximum in your current capacity
Ask yourself whether it is possible for you to squeeze your budget, so that you can divert a part of it towards paying the loan amount. It is better, if that happens.
Know your available and current scenario
Ask yourself whether the missing of payment has simply happened one time or you are actually not able to afford it altogether
In case you can easily afford it
Quite a convenient way is to call the lender without any delay and make the payment. Ofcourse you are entitled to pay late fees as well. So, for future, you can simply automate the billing payment mode.
One-time late payment:- In case if there is one missed payment or in other words an isolated case of missed payment, then that is normally pushed at the end. In the condition that you have timely talked about it with the lenders by showing your seriousness to initiate the conversation. Hence, you just have to pay the interest owed for the month.
How many days of grace period Santander has?
There is a grace period of 7 to 15 days with respect to late payment policy according to various lenders. Late fees vary as well, as the minimum fee is 5% of the monthly payment. Pay the amount on time to save yourself from a bad credit score.
Incase you can’t afford
If the problem persists :- There are challenging times when you can’t afford everything. If you know that your car loan is not affordable, talk immediately in order to get a deferment. So that, you can save yourself from late payment or car repossession. You have the option of refinancing or trading a cheap and cost effective car.
What re-financing is?
People have the misconception that during re-financing their loan is getting a new structural base. In other words, they are ‘restructuring’ the loan. It is not like that. Good thing is that you are able to decrease the rate of interest since in the past you have paid the full amount in time and the history is proof of the same
So before you opt for refinance, ensure the following:-
- The balance loan amount (along with few associated charges)
- Thee kind of daily interest does your loan amount incurs?
- The new lender needs you account number as well as the address for paying the same on your behalf
- Know the grace period till which there is no late payment from due date
Call your lender
Now that you are well aware about the alternative solutions, you can convey the same in a telephonic conversation with the lender. You have to show your courteous side as you are asking for their opinion and help. Also, it is important to convince them with how you can pay your loan.
For example, if you are unable to pay a loan, due to losing your job, but you are joining a new one soon and can pay, then convince them about it. If needed the lender may have to undergo a crosscheck process, such as ‘Employment Verification’.
Give them a confident approach with a detailed overview in order to make them believe in you. Also, it is true that they are more inclined to help you chalk out ways for you to pay loan amount, rather than repossessing your car. We hope you will like this article about How long does it take before Santander repo a vehicle.