When you buy a car in installments, and some payment is pending then the lender has a legal right to take back the car. So, if you are facing any situation like this then the following guideline is helpful to you. In this guide, we have listed how to park your car to avoid repo and how to know which place is suitable for parking your car. But before discussing all this you should know each and everything about repo. Repo is the short form of repossession. If you have talked to the lender about when you should pay the remaining amount then it’s okay to hide it to avoid repo but if the lender has any legal warning against you and you still have not returned the car and tried to hide it then you may get arrested, so don’t do this.
Factors one should consider while finding a place to park your car:
There are many things that you should consider to make sure that you are parking your car in a safe and secure place. The following are the main factors:
- Park at legal parking spaces:
The most important point is to park your vehicle in a legal parking space. If you park your car at illegal parking spaces then you can face the situations like repo.
- Suitable place:
Try to park your car in a shady place (like under trees), this has many benefits like it will keep your car safe in case of some bad weather conditions or also safe from repo agents (as it is not easily visible to them).
If there is no shady place then try to park your car at a place from where you can have an eye on it.
- Ways to park your car to avoid repo
You have to bear extra expenses in case of repossession as the owner can file a legal complaint against you. To get rid of these extra expenses there are some helpful ways to protect your car from repo. Some of these are discussed below:
- Remove the GPS tracker from the car
Many repo agents have GPS trackers in their cars so that they can track the location of their cars. To avoid a repo you should first remove the tracker from the car so that the repo agent will not trace the location of your car. Best car insurance in Arizona.
- Rent it to someone living in another state
If you need some time to pay the remaining amount then a temporary solution for this is to exchange your car with your friend living in another state. By doing so, you’ll get some time to make the remaining payment but keep in mind that it’s not the permanent solution as during the modern era it’s not difficult to find anything.
- Keep it in a locked place
To avoid repo, you should park your car in the garage of your home or at any other locked place.
- Sell the car
If your financial conditions are not stable, then the right option is to return the car to the owner.
