im a student and some stuff came up so i can't work as much as i used to. i have a car loan and the payment is 500 a month. if i only pay 100 a month but pay that each and every month could my car get repossed. i know im gonna get raped on interest and late fees but i want to keep a car for going to school.
2007-08-20 00:01:32 · 4 answers · asked by bastardperson 1 in Cars & Transportation ➔ Buying & Selling
Get rid of that stone round your neck. The car, I mean. You will never get ahead. It's cheaper to take Public Transport. Or better still walk, if you don't need that bomb that's keeping you poor.You might be surprised how fit you keep, if those full payments are not made. You won't have a car soon.
2007-08-20 00:24:51 · answer #1 · answered by Anonymous · 0⤊ 1⤋
To answer your question YES they can still repo the car if you are makling partial payments.
You are a student and have a $500 car payment . Hmm that was not so smart. At least you looked cool for a while. Im sure you can carry a picture around of the car to show all the people on the bus how cool you where.
2007-08-20 00:35:58 · answer #2 · answered by Anonymous · 1⤊ 0⤋
If you don't make your payments, then sure they can repo it. Give them a call and see what they have to say. If they are reputable, they will want to work with you and help you out. Of course, it will cost you in the end but that is only fair.
I doubt if you could refinance to get your payments down to 100 a month, since you are paying 500 now.
What are possibilities of you selling the car, and buying one that you can afford?
The late payments are going to be reflected on your credit report, and that will cost you more on interest when you try to get another loan. So there is that to consider too.
good luck.
2007-08-20 00:11:13 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋
The lender does not have to accept partial payments. You will lose the vehicle.
2007-08-20 05:03:20 · answer #4 · answered by Scott H 7 · 0⤊ 0⤋