Sell it on your own. You may not be able to sell it for the amount owed, but work out a deal with the bank to finish paying for the vehicle at a reduced rate after it's sold. Most lending institutions would much rather work out something than have it go into bankruptcy. That, plus it's a lot better for YOUR credit history if you take matters into your own hands and deal with it now.
Call your lender.
what can you do when you cant make a car payment what can you do when you cant make a car payment
You have to sell the car. If you give it back, it will still look as a repossesion...a voluntary repossesion. You do not want someone to take over the payments,as there is no guarantee that the payments will be made on time. Sell the car or try to refinance the balance, it is the only way. Good Luck..
Yes there is. There are several sites on the internet that have calculators that can help you determine if you can afford the monthly car payments. They will also be able to tell you the in-tress on the payments.
Depends on what you mean by
Don't think so , unless you used your house for collateral when you bought the car. Generally they will repo (take it) it and you may be responsible for the remaining balance that is owed.
Yes, you can self repo your car if you can no longer afford your car and is financially unable to pay the payments for your car.
You should contact the finance company. Perhaps, you can make smaller payments and stretch out the loan or perhaps you can turn the car in and avoid them the trouble of repossessing the car in exchange for not having your credit ruined.
If you Have to ASK YOU CANT AFFORD IT
If your asking that question, then you cant afford it.
Only if you can afford payments for a new car and your used car is in very bad shape.
Yes a car payment calculator will help you work out what you can afford. However, it will also tell you the exact amount needed for your payment which is important to know.
You would have to read the contract to see if someone can "legally" repossess it. But ultimately, there is someone, somewhere who makes a decision. This person can continuously let is slide, or they can just get fed up one day and take, or have someone take your car. They also know that if you cannot afford payments then you will definitely not be able to afford back payments, penalty payments, and current payments all at the same time. Nor, can you afford an attorney.
Although I new I couldn't afford to make the monthly payments on the car, I bought it anyway.
sell it, give it back or get another job
you could steel a car. :)
Sell the car person-to-person. Never take it to a dealership to sell or trade, you almost never get what it is worth. If you cannot sell the car, try refinancing. You'll get a higher APR and pay more interest in the long run, but you can extend payments and keep your car (plus afford the payments). give the car back buy a 500 dollar special, spend the car payment on the kid
If you have to ask about this car, Then you cant afford it anyway.
If the car is yours and you can't afford it, either sell it or try and give it to the bank that has the loan. I don't see a contempt of court issue here since you are not doing anything in violation of a court order.
The best option would be to sell the vehicle for the equity you have (as in, the amount you have paid on it) and buy a reliable used car for cash with no payments.
yep....pay it off so they cant
yes you do unless you dont want it anymore.
Yes. This happens all the time. If you have a car you're still making payments on (and which will therefore have a lien on it), and you want to buy a new car, as long as your credit is good and you can afford the new payments as well you shouldn't have a problem.
It's noted on your credit score that you were unable to make payments/late payments. It just looks very bad. Avoid taking out a car loan on a car you can't afford.
That depends on how much you have to spend.