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Answered 2015-07-16 18:06:03

Me, I started to ask you how you managed to buy a car, but that's not relative now. I would think it will be extremely hard to accomplish. Good Luck

It is not uncommon for people to be able to finance and afford a car when they sign a contract, and later to experience sudden unemployment, underemployment, or other financial difficulties which make it impossible for them to fullfill their obligations.

The creditor will usually sell the car and charge you with whatever the difference is between what the car sells for and what you agreed to pay.

Often, this can be paid off over time, and the payments will not usually be as much as the initial payments on the loan were.

If you are able to, work out a payment plan with the creditor, letting them know you are willing to pay as much as you can until the balance is paid off.

If they refuse to negotiate and sue you for the balance remaining after they sell it, you will have the chance to present your case in court. You might be able to work out arrangements you can afford, if you provide proof to the court of your low income and evidence that you tried to work out affordable payments with the creditor, and they refused.

Good luck. You are not alone.

Good response.The best thing would be is to file bankruptcy and have the loan discharged.

Yes, hindsight is 20/20. We don't know what will happen a few years from now, or even tomorrow. We buy a car one day that we can afford and a few years later we become sick and/or lose our job and cannot make the payments. The lenders are not willing to work with you. What choice do you have?

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