How can I do if icant pay for my car?

Question

I bought a car 6 months but I can afford it anymore, I had some family problems and I would like to know if there is anyway I can take it back or what should I do

Answer 1

Well you need to sell it and pay off the loan, chances are you will owe more than what you can sell it for but you are going to have to pay it off if you want out from under it. I have never heard of anyone taking back a sold vehicle.

Answer 2

Guess you are screwed as car dealers are in the buisness of making a profit you would probably faint if they told you how little they would give you in trade in. Put an ad in the paper and sell it to a private party you may still end up taking a loss though.You might also want to call your bank and see if you could work out something untill you sell the car,after all they would rather you make an atempt to pay back the debt rather then declaring bankruptcy.Good Luck

Answer 3

Try to sell it privately as quickly as possible. If your credit is OK, you might need to take out a loan for the balance of the car loan to pay it off. (you probably owe more then it is worth)

If that fails, you could call the bank and tell them to come repo it. But in that option, you could end up owing more, because they wont get much for it on auction.

Answer 4

financed i guess, problem is you can volutarily turn it over (repo) but the amount of the loan still has to be paid for, meaning if you turn it in they will sale it for whatever they can and the remaining portion of the loan you will still have to pay. i know the bankruptcy laws have gotten stricter so its harder to walk away from anything nowadays. unless you just straight out total the car and have the insurance take care of it, but when i had an accident and that happened i still had to pay the remaining balance that the loan had on it. You can try to get someone to take overpayments, but do it legally and have the credit info and all transferred so you don't get hit for them doin something stupid.

Answer 5

If you can't make the payments, it will get repossesed. If its' salvage value is less than the outstanding loan balance (and it surely will be), the loan company will come after you for the balance. Best bet is to sell the car locally (especially if it looks great). You'll get more than the wholesale value, but will have to pay off the loan in order to get a transferable title.