Under what circumstances does Yixin repossess vehicles?
2 Answers
Yixin Auto Finance may repossess the vehicle if the car loan is overdue for more than one month. Solutions for overdue car loans: After the car loan becomes overdue, users must repay the amount as soon as possible. If unable to repay promptly due to special circumstances, borrowers must proactively contact Yixin Auto Finance. They can apply for a repayment extension to avoid vehicle repossession and accumulating excessive late fees. If the borrower neither repays nor responds to collection efforts, Yixin Auto Finance will repossess the vehicle as stipulated in the contract. Consequences of overdue Yixin car loans: After loan delinquency occurs, the overdue record may be reported to the PBOC credit system. Once a negative record appears in the PBOC credit report, it will cause adverse effects for up to 5 years. Although Yixin's lending institutions don't employ violent collection methods, they will conduct phone and SMS collections. This will disrupt daily life and potentially damage personal reputation; If the delinquency persists for an extended period, Yixin's lenders may repossess and auction the vehicle as per contract terms; In extreme cases where neither repayment nor vehicle return occurs, the delinquent borrower may face charges of loan fraud, potentially leading to imprisonment.
Regarding the situation of Yixin's vehicle repossession, it generally only occurs when the borrower is in serious default. From what I understand of their policies, typically failing to make car loan payments for more than 3 consecutive months, or intentionally hiding the vehicle and refusing to cooperate with resolution, may trigger the repossession procedure. My neighbor learned this the hard way—he thought the repossession threat was just a scare tactic, but when he missed payments for the 4th month, his car was parked in the residential garage in the morning and gone by evening. The real hassle comes after repossession—storage fees alone can cost hundreds per day, not to mention additional penalty fees. Actually, they give many opportunities during the collection process. My advice is to proactively negotiate a repayment plan immediately upon missing a payment.
