When you cant afford the payments on your car what is the best choice to make having your car voluntary repossession of selling to a third party to pay off loan?

Can you just give your vehicle back to the lender if you can no longer afford payments and are totally upside down on the loan?

Yes, it is called a voluntary repossession. It is not much different then when they would come take it except you will save on the costs associated with a normal repossession. You will still owe the difference between your loan balance and what they dispose of the car for, so you are much better off trying to sell it privately if you can.

What happens to your credit when you give your automobile back to the bank My car is broken down i cannot afford the payments nor the cost to have it fixed will is ruin my credit like a repo?

The car will be sold at auction and your debt will be reduced by the proceeds. If it is not enough to cover the balance due, you will still be expected to pay it off. It will be reported to the credit reporting agency as a voluntary repossession. Try to keep up your payments and pay off your debts, and you should be OK.

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.

If you lost your job and can not afford to pay your car payment can you return the car?

That is a voluntary repossession...not a good idea in the long run. The bank will wholesale the vehicle at an auto auction, apply the proceeds (less selling expenses) to the loan and you still owe the balance. Plus it goes on your credit report. If the car has a retail value in excess of the loan balance, you will be far better off selling the car yourself and paying off the loan. You still have no car...but no car payments and no bad credit report. Even if the car is worth slightly less than the loan balance, you'd come out thousands ahead if you sell it and find the rest of the money to pay off the loan.

Be Smart and Avoid Repossession?

Repossession is something that happens when you aren’t able to make your payments. If you can’t pay the bank for whatever loan you took out, and if you are missing payments to them, they can come and take the property or items back. Using a loan or a credit card to make a huge purchase is good for you, because you are going to be able to purchase something like a house or a car, which you probably wouldn’t be able to afford otherwise. However, there is a problem that goes along with this. The bank has the ability to repossess the items, which means that they can come in and take whatever you used their money to buy if you aren’t making payments. So, you need to make sure that you know how to avoid repossession. There are many things you can do to avoid repossession. This includes selling or renting back your items, so they remain your items and you can remain in your home. Organization is the key, so you need to know how much you are going to have to pay and when each of these payments needs to be made. Being organized can mean that you’ll never miss a payment due to forgetting about it. You will feel more in control of your finances and feel better overall. Another way to avoid repossession is to keep the lines of communication open with the bank. If you are missing payments, or if something has happened and you are not going to be able to make your payments, you should contact the bank and talk to them about it. If repossession is threatened, the best thing to do is to contact the bank and pay whatever it takes for you to keep your possessions. This is going to allow you to keep your property, but is also going to keep repossession off of your record. No one wants to deal with repossession, and no one likes to admit that they can’t pay for what they have. However, most companies are willing to work out payment plans to help you, so make sure to tell them about your situation before just hoping it goes away.

Can a motorcycle be repossessed if you cant afford the payments?

Of course.

You live in Florida you bought used car with an APR of 16 high monthly payments you have had the car for a year and you can not afford payments anymore Without ruined credit how can you get rid of car?

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..

What are signs of credit overuse?

You can't afford to make the payments.

Can you go to jail if you can't afford to pay the balance owed on a repossession and have no real property?

NO, there are no more debtors prisons.

You have had a car on finance for 20 weeks and carnt afford it can you send it back?

Of course you can send it back, but it will be termed a "voluntary repossession" and will still impact your credit as if a repo-man came to your door. It will also limit your ability to find another good car for a payment less than you already cannot make.

Monthly payments on a farrari enzo?

More den you can afford. DREAM ON.

Can you buy another car down the road if you have been making payments on a truck you never use and you can't afford the payments anymore if you repo the truck?

YES, you can. It may be harder to get financed (bigger DP and/or higher interest rate) but you can. You WILL have to pay the balance due on the truck so seriously consider SELLING it. You may have to put money with the selling price to get the loan cleared but it will be MUCH cheaper that way.