If I join the military would I have to sell my car, I don't want to make payments while not driving it...?

Question

I don't want to make payments while I'm not using it. Is it possible to get a hold on payments or anything?

Answer 1

They only time you can get a hold on payments is if you're in a combat zone. They won't give you any kind of hold if you are serving state side or overseas on a base. The hold would only be in effect while in Iraq or Afganistan. Once you come back to the states you have to continue making payments. Just think though. If you keep paying on your car and don't drive it you will have it payed off and still have a very dependable car once you are able to drive it. When you get to your duty station you should be able to have a vehicle there. I know I could in the Marine Corps while stationed at 29Palms. What I did while overseas was have my dad take my car out for a drive every now and then. Thank you for your service.

Answer 2

Payment hold isn't that likely unless you are DEPLOYED... and these days, that is far less likely because you can arrange to have "allotments" direct-deposited to the finance company.

As a former Aircrew Instructor, and later a Navy Division Officer, I can tell you the Military takes a VERY dim view of service members who over-extend their credit or miss payments.

NOW, my advice would be to:

a) Sell the car off to stop making payments, and put the money aside for such time as you're able to drive, care for, and pay for another car.

b) Work out a deal with your finance company, and garage the car until you reach your duty-station.

c) Trade the car in for a car you can pay CASH, and then garage it until you reach your duty-station.

I had to leave my car in storage for 2 years while on a rotating deployment. Then again, I always bought a USED car that I could pay cash for.

GOODL LUCK

Answer 3

until you have thoroughly settled the finance, the vehicle isn't yours. It belongs to the finance employer. in case you have been to sell the vehicle, that must be seen the two fraud or theft via the finance employer and/or the Police. the two conviction ought to bring about a detention center sentence, and a criminal checklist which will harm your employment opportunities for the remainder of your existence. besides, you could nevertheless be in possibility of pay the remainder of the finance. in case you stopped the money the finance employer will look at, and would take you to court docket. you will no longer win that case. Failure to maintain up the money will harm your credit, which will make it greater no longer complication-free so you might get any form of credit interior the destiny (e.g. electrical energy or gasoline account, cellular telephone settlement, yet another motor vehicle loan, a loan, a credit card or shop card, etc.). while you're in need of money, you could desire to telephone the finance employer to describe the region. you could then get their permission to sell the vehicle, yet which would be on the understanding which you employ the money from the sale to settle the finance. Ask them for a settlement determine. you could desire to be conscious that in case you obtain the vehicle new or almost new with a small deposit, the settlement determine from the finance employer would be greater beneficial than the present re-sale value of the vehicle. Any clever client will do an HPI examine until now procuring your motor vehicle, which will ensue that there is finance surprising on the vehicle. would desire to you sell the vehicle without clearing the finance, the finance employer are interior their rights to repossess the vehicle from the shopper. In that adventure, the shopper will in all possibility chase you for a reimbursement, and in case you do no longer pay up ought to take you to court docket. A County court docket Judgement against you will further harm your credit.

Answer 4

To correct some of the previous answers, I will tell you about the Service Members Civil Relief Act (SCRA). You have many protections under the SCRA. The two that apply to you are a 6% cap on interest rates on debt incurred prior to active duty service, and suspended payments when unable to pay. While in basic training, you have limited access to your income, so you will qualify for both. After that, you will resume payments, at a lower rate of interest. You MUST apply in writing to your finance company for protection under SCRA. If you are stateside, you will be allowed to take your car to your first duty station. While in a training status, you will not be allowed to have a car. You can find more information at http://usmilitary.about.com/od/sscra/l/blscramenu.htm

Answer 5

Contact the finance company of your car. They should be able to tell you what their policy is on that. Sometimes they will cater to you as long as you are making your payments. My husband informed his finance company that he only had his VA benefits as income. So they lowered our payments from 380 to 215 a month and dropped our interest from 15 to 4 percent.
Give them a call and good luck

Answer 6

Keep the car. You will find that after basic training, it will come in very useful. As long as you are in the states, you will be kicking yourself if you get rid of it.

Answer 7

no. at most you can drop insurance down to the bare necessary required if you do not hold title.

you don;t get out of paying your debt just because you aren't using it. People with mortgages or rent to pay don't get out of paying when they are not home either.

Answer 8

sell it quick, it will only depreciate in value anyway