Can you self repo your car?

Updated: 9/13/2023
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9y ago

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Yes, you can self repo your car if you can no longer afford your car and is financially unable to pay the payments for your car.

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Q: Can you self repo your car?
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If another car is blocking the repo car can they make you move it?

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What happens if you give your car back to the financer willingly?

This is what's known as a "self-repo". Basically once you stop making payments on a car for a period of time, the financer will soon move to repossess your car. This is as simple as coming and towing your car from your house very early in the morning. The other way around is to call your financer and tell them to come and repo the car because you can't afford it anymore. However, it does not matter if you give it up willingly or not. If you attempt to hide the car, you give it to a friend for safekeeping, you move, you total it, etc, then there are other methods in which the financer can come after you. With that said, a "willful repo"/"self repo" will go on your credit report and would say exactly the same thing as if it was an "unwillful repo". However your credit report will not say how the financer got the car.

If you are self-employed and your car gets repossessed how does the bank take action?

The matter is the repo, not your employment. If your car is taken they will auction it off for what they can get and you will be held legally responsible for the balance. Regardless of the amount. Self employed or not. Yes, it is much harder for them to collect from you if you are self employed.

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If you voluntarily relinquished your car due to your unemployment status can you be subpoenaed to pay the remaining balance after they sell the car at auction?

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