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What can you do if you are struggling to make car payments and are 30 days behind and you did have a co-signer but you can't afford the payments anymore?
Wiki User
∙ 17y ago
if you need the car and the money situation is temporary many companies offer payment deferment which could buy you an extra 30 days. otherwise see if the co-signer wants to take over, at least give them the option since both of your names are tied to the vehicle and a repo. will affect you both. Call the bank or finance company that is holding the note. Trust me, they want to work with you. Get the 30 day paymant deferred to the back of the note and make an arrangement. How long have you been paying the note? Based upon the number of payments left, your credit, etc. You may be able to refinance the note with another bank. I know that Capital One formerly had a program for this. Do not just sit on your hands. If you have a co-signer, the company will go after that person, as they are legally allowed to do. If you haven't yet notified your co-signer of your financial struggle, you'd better do it soon.
Wiki User
∙ 17y ago
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What is a sentence using cosigner?
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
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.
Is it possible to receive an auto loan without having a cosigner?
Sure, in fact most people do not need a cosigner to get an auto loan. The entire process is based on your credit rating, financial situation, and your income. If they are requiring you to have a cosigner, then your credit rating must be very bad or you are buying more car than you can really afford. Purchase what you can really afford and no more. Never, ever, purchase a car that requires more than 20% of you take home pay in total car payments. That is payments on all cars you own, not just the one car. Otherwise you may end up in big trouble and have the vehicle repossessed, thus ruining your credit ever farther. Live by the 20% rule and you will be in good shape.
What should you do if you are the primary on your car loan but the cosigner has been paying and you cannot afford the payments any longer?
Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.
Can't afford trustee payments what do I do?
Contact the company concerned and explain your situation.
What the best thing to do if I am not behind on payments yet but just can't afford mortgage anymore?
Sell the house.
What is a sentence using cosigner?
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
Will having a cosigner lower your APR or enable you to borrow more?
The lender should be looking only at your ability to repay the loan when they determine the amount they will lend, since they assume you will be making the payments. They also want to be sure the cosigner can make the payments if you don't, but they would not combine the two financial statements to determine the amount that the two of you together could afford. They may offer a slightly better interest rate, but if the lender wants you to get a cosigner, it usually means you will not get a loan without one.
What is a minority grant?
ANSWERMinority grant is favorable for those who is struggling to manage multiple debts and cannot afford to make several payments each month. It gives them a way out by which they consolidate debt.
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.
What do I do if I can't afford the payments on my motorcycle anymore?
There are many ways to pay for the motorcycle--sell it to a friend. Talk to the dealer. Whatever you do, don't just quit paying and ruin your credit.
2005 jeep wrangler that is worth 10.000 but i owe 21000 i am screwed cant afford the payments anymore which are 500.00 i can't trade it in i need help?
Time for a second or third job.
Is it possible to receive an auto loan without having a cosigner?
Sure, in fact most people do not need a cosigner to get an auto loan. The entire process is based on your credit rating, financial situation, and your income. If they are requiring you to have a cosigner, then your credit rating must be very bad or you are buying more car than you can really afford. Purchase what you can really afford and no more. Never, ever, purchase a car that requires more than 20% of you take home pay in total car payments. That is payments on all cars you own, not just the one car. Otherwise you may end up in big trouble and have the vehicle repossessed, thus ruining your credit ever farther. Live by the 20% rule and you will be in good shape.
What should you do if you are the primary on your car loan but the cosigner has been paying and you cannot afford the payments any longer?
Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.
Can a cosigner sign for one person at one place and also sign for someone different at another?
Yes. Be aware that the cosigner is the person whom the bank will go after 2nd if the primary signer defaults on payment. If this person cannot afford to have 2 different banks come after them, then they should not sign on 2 loans. So hopefully this consigner trusts both people to make their payments.
Can a motorcycle be repossessed if you cant afford the payments?
Of course.
Do you have the right to sell a car after repossession on a cosigned loan?
Yes, but only if you are the cosigner. When you cosign it is usually for these reasons: The person the loan is for is a minor The person has a poor credit rating The person doesn't have collateral When you cosign you are 100% responsible for that debt. All the banking institution is interested in is getting their money, so if the car was repossessed the cosigner has two options ... take over the payments or sell the car and hope it pays off the total loan. It's a smart thing to do so it doesn't ruin one's credit rating. If you aren't the cosigner, but the person the loan went too, shame on you! If you can afford to continue to make payments now, then you could have made those payments on the loan cosigned by someone who was nice enough to do it.
