0
I live in IL and I can't afford my car payment any longer what will happen if I surrender the car back?
Wiki User
∙ 15y ago
You will do what is called a Voluntary Reposession. Basically what this means is you have given the car back to the lending company on your own free will, HOWEVER, you are still liable to pay for the vehilce. Most places will attempt to sell the car for what the book value is, if you have negative equity (owe for than its worth) and they are unable to sell it for what you owe you may still have to pay the balance even after the car has been sold. Of course the biggest down fall to this is it still gets marked on your credit report as a default and reposession.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What to do if you can no longer afford to continue your car loan payment?
sell it and get a moped.
You can no longer afford your 718.00 car payment What do you do?
sell your car and buy a moped they get 100 miles to the gallon
I live in AZ and I can't afford my car payment any longer what will happen if I surrender the car back?
Depends on how much the car has sunk in value between when you took possession of it and when you returned it. Probably the company will want some money more on top of having the car back. It's far better to talk to the bank or the dealer though rather than waiting until it gets repossessed.
If you surrender a car that you can no longer use and can't afford do you still owe the difference between its value and the loan amount?
YES, she will owe the remaining balance after it is sold.
What happens if life insurance policy is canceled?
You no longer have insurance cover - if you happen to die then there is no payment made.
How do you qualify for a car loan?
To qualify for an auto loan you will need a job that pays well enough that you can afford the payment and be on the job for a while, usually one year or longer. Additionally you will have to have some decent credit.
What do you do if you can no longer afford to live?
Change your lifestyle.
What are opinions on Payment Solutions Center?
they charged me $350 in June and never did anything. Got me a payment extension for 1 month that I could have done myself. I wrote to the person who initially contacted me today (John Murphy) and his email no longer exists They are a total SCAM. I am on social security and could ill afford that $350
You are financing a vehicle but you can no longer afford payments what can you do?
Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.
Will you still be charged to pay money if your RuneScape membership runs out?
Depending on the payment method, and options, your membership may run out automatically, or not. But if it runs out, you will no longer be charged.Depending on the payment method, and options, your membership may run out automatically, or not. But if it runs out, you will no longer be charged.Depending on the payment method, and options, your membership may run out automatically, or not. But if it runs out, you will no longer be charged.Depending on the payment method, and options, your membership may run out automatically, or not. But if it runs out, you will no longer be charged.
What could happen to a homeowner who is bipolar and receiving social security disability income that lives in West Virginia if she can no longer afford to pay her credit card debts?
Unfortunately she could lose her home if the Credit Card Co., decides to go after her for full payment which they can do. If she is even just making the minimum payment that is basically just paying off the high interest and not the total debt. See if she can't go to the bank and use her home as collateral to pay off the Credit Card Co. by "Line of Credit" which has a low interest rate.
What do you do when you can no longer afford your home?
The usual strategy when you can no longer afford your home is to seek less expensive housing. An alternative strategy would be to rent part of your home out to someone else, in order to increase your income so that you will be able to afford your home. Maybe your home can be more intensively utilized.
