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Avoiding Car Repossession

If you are delinquent on your car payments, you want to avoid having your vehicle repossessed. Car repossession can negatively affect your credit history. It will stay on your credit report for seven years. The effect on your credit score may reduce over time, but still, repossession can prevent you from borrowing in the future. Here are some tips to avoiding having your vehicle repossessed.

  • Make payments. The last thing a lender wants to do is go through the repossession process. It usually ends up costing them more in the end. If a lender sees that there is the slightest chance of getting back at least part of its investment, they usually opt to avoid repossession. That is why simply making a few payments can help you to avoid having your car taken away. If you have missed a few payments, do whatever is possible to make a payment or two. That may buy you some time while you consider other strategies.
  • Work with the lender to restructure the loan. Making a payment or two may give you the time you need to work with your lender to restructure the terms of your loan. You may be able to work out a much lower payment that fits into your budget. In the future, you may get to a point where you could refinance the loan and pay it off even quicker.
  • Apply for deferment. Remember, lenders are in business to make money. They do not want to have to spend money on repossessing your car. In extreme cases, you may want to contact your lender and ask for a deferment. The lender may grant you a month or two, maybe even three, where you do not have to pay. You can use this time to fix your financial situation and get back on track with your payments.
  • Sell the vehicle. If you are in a position where you can do without the vehicle, sell it. Keep in mind that if you owe more than the car’s value, you will not have enough to repay the lender. If you have equity in the vehicle, you will have enough to pay off the balance of the loan once you sell the car. If you do have equity in your vehicle, you should keep in mind that you can always use that vehicle for a car title loan. Embassy Loans has helped numerous customers throughout the years in accessing cash for emergency situations. Learn more to see if you may qualify for a car title loan.


Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.