Short Answer — Honda Financial Services processes repossessions on a case-by-case basis. While the company doesn’t make its repossession policy public, representatives said you should contact an account representative if you can’t make a payment. Consumers have reported Honda repossessions taking anywhere from 45 days to up to five months. In the event that your vehicle is repossessed, you can still get it back by paying the entire amount owed and any fees associated with the repossession.
Honda Financial Services Repossession Policy
Honda Financial Services (HFS) does not have a blanket repossession policy. Instead, it handles repossessions on a case-by-case basis, customer service representatives reached by calling (800) 543-5636 told us.
Because HFS evaluates repossessions individually, the company may have the right to take possession of your vehicle at any time.
The Federal Trade Commission (FTC) notes that some states allow for immediate repossession of a car or truck as soon as a borrower defaults.
However, after looking into several consumer accounts, we found that reported HFS repossessions have taken anywhere from 45 days to up to five months.
If your account is in default, the majority of states don’t require HFS to notify you prior to repossessing the car. A repossession agent can come onto your private property but cannot take the vehicle if there are people inside.
Keep in mind, repossession laws vary by state. It is illegal to intentionally try to hide the vehicle.
What to Do If You Can’t Make a Payment
If you find that you can’t make a payment on your auto loan or lease, contact an account representative at one of HFS’ regional offices and explain your financial situation.
A representative may allow you to defer a payment. Alternatively, you could ask to have a forbearance agreement drawn to establish a new payment schedule. To find out about payment extensions and deferments, you should review your loan or lease documents.
Note that such requests are not always granted, but, in general, auto lenders will try to work with you so they can recoup the money owed.
Getting Your Vehicle Back After Repossession
You have not permanently lost your vehicle after HFS repossesses it. There are three typical ways you can get back your car or truck after it has been repossessed.
First, you can pay the entirety of your loan balance and any fees associated with the repossession. These typically include accrued interest, late fees, storage fees, and towing fees.
You can also try to reinstate the loan if your state and loan or lease documents allow it.
Finally, you can repurchase your vehicle at auction after HFS seizes it — although this will likely be expensive.