2007-06-05 15:15:50 · 11 answers · asked by mpwelrw 1 in Business & Finance ➔ Credit
There is a lot more information that will be needed to give a better answer but lets work with what we know. First you probably didn't buy the car from the bank. You bought the car from a dealer and then the bank paid the dealer. The bank took your promise to pay and put a lien on your car (collateral) so that they would have some recourse in case that you did not pay. So you own a car and you owe the bank which now has a right to take possession of your car. What can you do if you can no longer pay the bank?
The first thing would be to go to the bank and try to find someone with a brain that will listen to your situation before you get too far behind. Offer them that you will try to private sell the car if they can loan you the difference. If it is a new car then you already have a portion of you loan as unsecured. You may owe 15,000 and yet the car is only worth 10,000. Right there only 10,000 of the original loan is actually secured the other 5,000 is unsecured. They would have to sue you or ask you to pay that without collateral anyway. So instead of going through all the trouble of a repossession on their part maybe you can find someone who see how it would be better for the bank this way. To let you sell your car for 10,000 and give you another loan for 5,000. You may have to talk to several people before you find that person. Good Luck!
2007-06-05 15:35:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If the car is worth more than you owe, it would make more sense to sell it and pay the bank off. If it is worth less that you owe your're up the creek without a paddle because the bank would not be happy taking the loss and they
d hav eto sell the car.
2007-06-13 07:38:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can't.
Stop paying on it and they will reposess it. They will inturn auction it off and subtract what they made from what you owe. Also your credit score will go down the can.
Simply put. When you sined the sales contract you told them that no matter what happens, you will owe them money in exchange for a car.
Your best bet would be to renigotiate the contratct. If you are haveing problems making the payments, they may come up with a new contract that will make it more affordible to make payments. You may pay more in interest, this may also effect your credit alittle, but it is far better than letting them come take it.
2007-06-05 15:24:48 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Stop paying and keep the car. The Bank will be happy when the repo man can find it. At least they get the car. Your credit may not look good, but, they will sell the car for what they get.
I have got a few good deals this way. The bank say they in the money business and not the car business, so, they just happy to get what they can, but, they not going to just give it away.
2007-06-05 15:24:42 · answer #4 · answered by Snaglefritz 7 · 0⤊ 1⤋
You can't get out of paying what you owe even if the car is repossessed from the bank. You're better off selling the car and getting your money out of it if you can't afford it.
2007-06-05 15:46:45 · answer #5 · answered by nancyo70403 2 · 0⤊ 0⤋
you're to blame for the internal maximum loan, so in case you end paying and resign the vehicle to the financial organisation, you default on your individual loan, so your credit would be critically impacted. you are able to desire to sell the vehicle you have and pay off the internal maximum loan thoroughly, your self, or commerce it in and have a broker roll any final own loan money over into your new own loan. if your vehicle is fairly worth better than you nevertheless owe on it, you are able to have the greater money positioned down in direction of your new vehicle. Banks are no longer in the corporation of advertising autos, so which you would be able to no longer purely provide it to them and say you're bored with paying on it. additionally, in case you probably did default on the internal maximum loan, you are able to nevertheless be to blame for any money you owe above and previous the fee of the vehicle.
2016-10-06 23:06:07 · answer #6 · answered by intriago 4 · 0⤊ 0⤋
It sounds to me like you did not read the fine print when financing your car. You are responsible for the amount borrowed. I suggest that the next time you sign a legal contract you have a better understanding of what you are signing.
2007-06-10 21:36:14 · answer #7 · answered by Deborah Z 3 · 0⤊ 1⤋
Hmmmm I think banks prefer money. Can you not sell it and pay bank.
2007-06-05 15:22:44 · answer #8 · answered by smiling_freds_biz_info 6 · 0⤊ 0⤋
Report car lost, actually you export them to other country
get money from insurance.
Pay to bank
2007-06-05 15:24:55 · answer #9 · answered by noti69000 3 · 0⤊ 2⤋
I need the answer to this question also. Have you found out?
2007-06-13 05:17:56 · answer #10 · answered by virtualofficeassociate 1 · 0⤊ 2⤋