Preventing car repossessions from taking place is much easier then to dispute it afterwards. Make sure to speak to your creditor when you think you may be late with a monthly payment. Most creditors will actually work with you if you will be paying soon, even if slightly late. You could negotiate a postponement in your payment or even a revised payment schedule. If you are able to reach an agreement to adjust the original contract, be sure to get it in writing to avoid problems and / or questions later.
Your creditor may still refuse accepting late payments or making any changes in your contract. They might ask for you to return the car. By voluntarily allowing your repossession, you will reduce the creditor expenses for which you would have to pay for. Do remember that you are still responsible for any deficiencies on the financing contract, and the creditor may still enter the late payments or repossession on your credit report.
Tips & Warnings
If you find you are unable to make the necessary car payment, take positive steps to try to save up money to pay it. For example, take the bus instead of driving to work so you save on gas and parking. If you won’t take the bus or you don’t live near a bus line, try to find someone with whom you can carpool. Sharing expenses with a passenger is another way of saving some money
Bottom line, always be honest about your ability to make payments; both to yourself and the creditor.