With the economy crumbling in the past years, many car owners are now turning to modifications of their existing car loans. To some people, making timely payments every month is impossible. It's a good thing that most car dealers are willing to work it out with their customers or debtors.
Finance companies and banks are not at all interested in repossessing vehicles because they need to resell it anyway. These companies don't opt for repossession, unless they have already exhausted another means to get the customer to pay. Banks don't need the cars... they need the money that you've borrowed to buy the car.
