You probably rely on your car to get you everywhere you need to go, where it's work, school, or running errands. While having a car can be convenient, it can also be a big financial responsibility. You may have taken out a loan to buy it. Until you've paid the lender back, you don't legally own the car. And if you stop making payments, the car could be repossessed.

What happens if you're hit with unexpected expenses or you lose your job? Suddenly, you may find yourself struggling to make that next car payment. What should you do?

Keep making your monthly payments. If you stop, your lender has the right to repossess your car. Contact your lender directly, and explain your financial situation. Discuss your options. It's in everybody's interest to work something out. Your lender wants the loan to be repaid, and you want to keep your car.

Question companies that say they can lower your monthly payments or stop the repossession process if you pay them a fee up front. By paying them instead of your lender, you could lose your car.

Bottom line-- work directly with your lender, and avoid any company that claims to stop repossession or promises to lower your car payments, especially if they want you to pay a fee in advance.

Stay on the right track. Learn how to protect yourself from auto loan modifications scans at ftc.gov/cars. That's ftc.gov/cars.