![]() Andrew Hoyle/CNET Are car repossession companies even open right now? If you quit paying your car payment, eventually a vehicle recovery service will come tow your car. Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle. Just be honest and forthcoming about your situation and realistic about how much time you'll need to get back on your feet. That said, you can probably handle this on your own. ![]() If your bank doesn't have it set up that easy and you have no idea where to begin, the legal services website DoNotPay has a chatbot that can help you draft a letter to your lender. Fill out a form, possibly attach some documentation (termination letter, layoff notice, etc.), send it off to your lender and wait for an approval confirmation. Most lenders' programs have been streamlined to be pretty simple to apply for. ![]() How to talk to your bank about your options But on the plus side, your missed payments will not show up as negative marks on your credit report, so your credit score shouldn't take a hit. On the downside, interest will continue to accrue during the months you skip your payment, so you'll end up paying more for your vehicle in the long run. CNET sister site Roadshow also details relief programs for existing loans as well as incentive programs for new cars with a number of auto manufacturers.A broader list of all state coronavirus executive orders and laws is available here, compiled by the digital encyclopedia of American politics and elections website Ballotpedia.The National Consumer Law Center, a legal services and consumer advocacy nonprofit, has an updated list of the various coronavirus-related protections against repossession passed by various states here.The most exhaustive list we came across of banks and other financial institutions - big and small - who have publicly announced coronavirus relief programs is from the American Bankers Association, a banking trade group.Do you lease your vehicle? Edmunds has a separate list for you as well.If you financed your car through the dealer, car review and pricing guide publisher Edmunds has compiled a list of all the major manufacturers and their coronavirus relief programs here.
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