People who are behind on their car payments can contact auto loan modification companies to help them. These companies are skilled at negotiating with lenders to get better monthly payments and better interest rates on car loans. If you’re unsure about how to go about getting reduced payments and managing your loan, one of these companies can help you.Many people avoid contacting auto loan modification companies because they have many misconceptions about loan modifications in general. One of the main misconceptions is that getting a modification will damage your credit score. This is the opposite of the truth. Getting a loan modification will help make your payments more manageable which means you avoid those late and missed payments and improve your credit score. But avoiding a modification if you’re behind can mean continued late payments and more struggling as well as the threat of repossession.Repossession is when your lender looks at your defaulted loan and decides to take back the vehicle. This is their right according to the terms of the loan. When someone defaults on a home mortgage, the repossession is known as a foreclosure. When it’s on a car loan it simply called a vehicle repossession. The lenders have the right to repossess your vehicle without warning at any time of the day or night. They can take it from your home or they can take it from the street while you’re at work. They have the right to come and repossess it because you broke the terms of the loan in what’s known as a default.If you read the loan terms carefully, many lenders have the right to repossess a vehicle after one missed payment. They generally don’t because it’s not uncommon for people to miss a payment or fall a little bit behind from time to time. And lenders would rather you keep the car and continue to pay on it because it’s less hassle and less expense for them. If they repossess your car, they have to deal with trying to sell it again to recoup their money. And unless the lender is a car dealership, they are not in the business of selling cars. Even for car dealerships today, selling cars isn’t an easy proposition so they’d rather you keep it and simply start paying on time.That’s where auto loan modification companies come in. They stepped in on your behalf and negotiate with your lender, whether it’s a bank, financing company or auto dealership, to get a lower interest rate and a lower monthly payment. Getting your monthly payment lowered is the most important thing and what people are going for when they go for modification. A lower payment means they can keep up and afford to keep the vehicle.But auto loan modification companies will also negotiate a lower interest rate so that you don’t pay more over time. You can contact your lender and ask about their modification program, but unless you’re very well versed in how modifications work, you probably won’t get as good a rate as if you contact a dedicated company.