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Okay This is what's Going on!!! i have not ever been late on my car payment but i just recently lost my job and so far i am already late my car payment was due on the 25TH of Last month and i already have the finance company calling me!!
I have no money comeing in at this time and will not be able to pay till next month so i am pretty sure i have to let my car go but what will happen to my credit and will i have to pay any Fee's??? I only have about 4,000 dollars left so that the car is mine but i just dont have the money!!! Also the ENGINE Blew so it's just bad Luck right after another...Please any advice will be Good!!! P.S i dont have mommy and daddy to help me i'm only 23 and need sum good advice!!!!

2007-07-12 09:54:45 · 8 answers · asked by dsm562 3 in Cars & Transportation Buying & Selling

8 answers

Have you explained to the finance company about your situation? They don't want the car back any more than you want to let them take it. If you have a genuine financial crisis, they will sometimes let you miss a payment and they add it to the end of the loan. Don't try to duck the phone calls, talk to them, be honest, and see if they will work with you. If they do end up taking the car back, that won't be the end of your problems. You will still owe them the difference between the amount you owe on the loan plus repo fees and what they wholesale the car for. A repo will remain on your credit for up to 7 years, so it is to your advantage to try to work with them.

You don't sound like bad person, just someone who's had some bad breaks. I hope this helps.

2007-07-12 10:01:56 · answer #1 · answered by Anonymous · 0 0

Personally I would call the finance company and explain the situation and ask if they could possibly defer the payment. Then I'd go out and get whatever kind of job I had to (fast food is always hiring) to be able to pay my bills until something else comes along. Just because the engine blew, I wouldn't just 'let the car go' because that is going to put a real hurting on your credit and fico score and all you'll have real trouble financing a decent car in the future.

2007-07-12 10:05:29 · answer #2 · answered by arielmoonstar 2 · 0 0

well, you don't say what it is or how old, so it might not be worth that new motor cost. If you want to keep it, call the finance company and if you have been current till now, they will probably let you put this payment on the back of the loan without penalty. If it isn't worth fixing, let them repo it. BUT, they normally will sell the car and you are responsible for the amount between what it sold for and what you owe them (minus interest on the original loan) and it does go against your credit as a voluntary repo, which is slightly better than them repoing it on there own.

2007-07-12 10:00:39 · answer #3 · answered by randy 7 · 0 0

normally you have to be two months late before they start the repo process. what I would do is talk to one of the people who are calling you and they may be able to defer some of the payments for you. This just means that they will extend the term of the loan 1-3 months and let you miss a few payments now. talking to them is the key, they don't want your car back so they should be willing to help you. good luck to you.

2007-07-12 10:00:38 · answer #4 · answered by clemenza222 3 · 0 0

first I would talk to the person that you owe the money to. Usually they will give you a break if you always have been on time with the payment. I am sure they will work with you Just keep looking around for a new job or even maybe 2 jobs if you can .

2007-07-12 09:59:30 · answer #5 · answered by silverearth1 7 · 0 0

#1 As you know, you will lose the car.
#2 Whatever the car is sold for, you will still owe the difference between what you owe, and the amount of the sale.
#3 Yes, your credit will be effected.

2007-07-12 10:02:49 · answer #6 · answered by badbill1941 6 · 0 0

what happens is that the loan company that you recieved your vehicle from is going to try and settle the payment with you with getting a lawery involved, don't be worried just be honest and straight up with your creditor and set up an intial payment with them, in the mean time find a decent job where you can handle the situation. peace

2007-07-12 10:04:20 · answer #7 · answered by geezy50 1 · 0 0

if the engine blew.. give it up anyway. buy a new car.

2007-07-12 09:57:35 · answer #8 · answered by Anonymous · 0 0

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