i can not pay my truck, i thinking to call the bank?

Question

I LOST MY JOB I WAS THINKING TO CALL THE BANK

Answer 1

I would do everything I could think of before letting the bank take it back. Try selling it or trading down to a less expensive car.
Stick it on craigslist or autotrader, etc

Answer 2

If you let your truck get reposessed, this is what will happen. The bank will auction it off and sell it for way less than you owe on it. So, lets say you owe $15000 and they sell it for $9000. You are still responsible for the balance unpaid of $6000! And if you dont pay it, the lienholder will sue you and garnish your wages 25% until its paid! That means if you bring home$4000 a month, $1000 will go to the bank for 6 months. I bet that is more than your monthly payment. And guess what, then the bank has all their money and you have a repo on your credit and no truck. And the next time you go to buy a vehicle, you will pay about 20% apr. So, make your payments!!! Sometimes they will let you skip a payment or two if youre in a jam and they just add it on to the end of the loan. Dont screw yourself.

Answer 3

There's no question in there but you may also want to try to see if anybody wants to take over the payment and give you a decent price for it in which you can pay cash for another used car.