I have a car on credit but im quitting my job and dont know what to do about my car?

Question

i cannot afford the payments therefore...
what can i do?

Answer 1

Keep your job until you find a new job. If you can't afford to make the payments without the income coming in, you can't afford to quit your job.

If you owe less than it's worth, sell the car and pay off the loan before you quit. If you owe more than it's worth, you're stuck in the job until such time as you are right side up on the note and can afford to sell.

Answer 2

Sell off your car. Use a bus or motorcycle. Nobody cares if you own a car or not. The world is changing so fast that people have no time to scratch their head. If you owe more than the sale price, negotiate with the bank for installment payment of the difference. Banks don't like taking customers to bankruptcy. They will co-operate, if not the first time, probably the second or third time.

Believe me, you'll become happier with less burden on your head. If your family member gets pissed off because you sold the convenience, he should adjust. Your right to be happy. Get rid of the house too, if it is a financial burden. Renting is a very ok thing to do.

Talking from experience. Bye.

Answer 3

Voluntary repossession?

But! It would be on your credit report for 7 years.

Try and work it out with the lender to refinance and lower the payments. Maybe you can get a job to afford the payments and living expenses.

Some others suggest you sell the car. But you would probably still owe money on the loan. You would need the lender's permission to sell. Because they are the legal owners.

Answer 4

voluntary reposession