You can generally attempt to get a car back within 10 to 15 days by paying the full loan balance, fees, and storage costs. If purchasing a new car, you may need to wait at least 12 months for specialized lenders to consider you. Options include "buy here, pay here" dealers or subprime lenders.
You'll likely have to wait at least 12 months after a repossession before applying for auto financing. With multiple repossessions, lenders may require an even longer waiting period — sometimes up to two years.
How to Get a Repossessed Car Back: Reinstate the Loan. Repossessions are often done without warning. If you weren't notified that the lender or leasing company was planning to repossess your vehicle, they'll most likely return the car to you if you pay the outstanding balance and repossession fees.
Securing a car loan is possible with a repossession on your credit report. However, you may have a hard time finding a lender willing to work with you. If you do manage to get approved, the terms can be expensive.
You may be able to pay to delete a repo. Contact your lender to see if they're willing to negotiate payments on what you owe. If they agree to a pay-to-delete and you pay the agreed amount in full, they'll request that the credit bureau(s) remove the repo from your credit report.
Purchasing a car from a bank is often much cheaper than buying from a car dealer. This gap in price exists because repossessed cars usually have a history and could be in need of repairs or a new paint job. Some leased cars only require a few fixes, while others have bigger problems and end up costing more.
A car repossession is very bad for your credit, causing a significant drop (often 100+ points) and remaining on your report for up to seven years, making future loans harder and more expensive; it signals high risk to lenders, especially because it's usually preceded by missed payments, adding more negative marks and potentially a large deficiency balance.
One option you have is to show up and “redeem” the car (buy it back), by paying, in one lump sum, the balance remaining on the lease or loan, late fees, and repossession costs. Again, you can try to negotiate the price. A third option is to file a Chapter 13 bankruptcy.
You may have to make up all the back payments or, sometimes, the entire loan balance. You also have to pay repossession and storage fees. You must prove that you have current insurance and a valid driver license.
Rebuilding After Vehicle Repossession
As we mentioned, after 12 months, some lenders may be willing to work with you if you prove your ability to repay a loan and have maintained your credit score in the meantime. Subprime lenders often work with borrowers in tough credit circumstances, such as an old repossession.
Repossession Affects Your Credit
It is best for you to proactively address the situation and work with your lender to avoid repossession. But, if you have no other options, remember this is not the end of the world, and there are ways to rebuild your credit.
You should pay off a repossession if you want your vehicle back (by paying the full loan + fees) or to avoid a large deficiency balance, which lenders can sue you for, but it won't erase the negative mark from your credit report immediately; paying it off might help you negotiate a "pay-for-delete" or at least stop collections, but your main goal is to stop further financial damage and collection calls.
If the lender repossesses your car and sells it at auction for less than the amount you owe on your loan, you'll be responsible for paying the remaining amount, called a deficiency balance. This can include additional fees like towing, storage, and auction costs.
The 7-in-7 rule (or 7x7 rule) in debt collection, part of the CFPB's Regulation F , limits how often debt collectors can call a consumer about a specific debt: they cannot call more than seven times within seven consecutive days, nor can they call again within seven days of a conversation about that debt, preventing harassment and abusive practices, though these are rebuttable presumptions of compliance.
Getting an 800 credit score in just 45 days is challenging, as significant scores usually take time, but you can make rapid progress by focusing on paying down credit card balances to lower utilization (under 30%, ideally under 10%), paying all bills on time, disputing errors on your credit report, and possibly becoming an authorized user on a trusted account, while avoiding new credit applications. The most impactful actions for quick changes involve reducing high balances and fixing mistakes, as payment history and utilization are key factors.