me and my wife bought new cars and all the income is based on me,after buying the cars(2) .?

Question

i got laid off for 2 weeks now we have not made a payment on either car because i am working 40hrs or less a week the cars are finianced at seperate banks they want thier money or the cars my wifes bank said take it back to the dealer or they will repo it what are my options i am trying to get a 2nd job but i have not had any call backs yet but i have 1 possibility@$7phr thats $4. less at my main job i need to know the repercussions and the future of getting another car(s).

Answer 1

This is tough. The thing you have to remember is if you own more on these vehicles than they are worth. Everybody doe's right after they buy.

Now if you let one go back, this is going to be a repossession on your credit weather you take it back or the lender comes and gets it really makes no difference it's still a repo.

If this happens, the lender will sell the vehicle at auction for less than what it's worth and you will still be responsible for the remaining balance. This will start collection activity and if you still do not pay, judgments. After that they can attach bank account, garnish your wages and file liens on any property you may own like other vehicles, land or homes until you pay. So you are going to pay for the vehicle one way or another and not have the use of it.

You can try selling one of the vehicles yourself and pay off that loan. Or try to find someone that you can trust to take over the payments for you.

Hopefully your second job will come through and you can avoid all of this or your wife could get a job until you get back on your feet.

Sorry for the bad news, but that's just the way it is.

Answer 2

Bring both cars back and trade for one USED car. You have to live within your means and have a back-up plan for when times get hard. You can also give up things like cable TV, expensive grooming rituals (professional coloring and manicures etc), and high price meals.

If you were laid off, you should be eligible for Unemployment benefits in the meantime, to help you make ends meet.

Answer 3

The best thing you can do for yourself right now is to continue working on getting that 2nd job

or

sell one of the cars which will lower your monthly expenses.

Good luck.

Answer 4

Sounds as if you need some credit counseling.

Answer 5

sell one car