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Can't Pay Monthly Car Payments, What Should I Do?


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you call the lender and tell them to renegotiate the fucking loan or else they can come get it!!!!!!

Then your fucked for 7 years, thats a stupid idea.

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Then your fucked for 7 years, thats a stupid idea.

yeah cause shes the only one going through financial crap,right??somebody will take over the loan for 500 a month,right??

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If you turn the car the finance company will sell it and you would be responsible for the difference. Your best bet is sell it or try to negotiate the payment with the finance company explain that times are hard..I repo alot of cars and the finance officer would rather get some kind of payment then lose the account..

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Guest KyleCannon

I would say do what everyone else is saying, go talk to the bank or whoever it is, they will do anything to get money from you. They are hurting too as well, I would say this is the best time to negotiate with our shitty ass economy.

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na man u guys got it all wrong. call them up and tell them u cant make the payments and want it repoed. they come get your car and payments go away. then they will put it up for sale. buy it at an auction. our shop just baught a repoed 08 caddy for 3500$

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na man u guys got it all wrong. call them up and tell them u cant make the payments and want it repoed. they come get your car and payments go away. then they will put it up for sale. buy it at an auction. our shop just baught a repoed 08 caddy for 3500$

there goes your credit!!! what a SMART man here!!!
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If you turn the car the finance company will sell it and you would be responsible for the difference. Your best bet is sell it or try to negotiate the payment with the finance company explain that times are hard..I repo alot of cars and the finance officer would rather get some kind of payment then lose the account..

X2

This is the only way out. Either you bear down and make the payments until it is paid off- or you polish that thing up crazy bright and put it up for sale in the newspaper / autotrader / etc. Shoot high, and come down if you have to. The very important thing to know is this- the bank / lender won't release the title until it is paid for in full. So, you mom will have to get ANOTHER loan (personal loan) for the difference between what she owes and what she gets for it. If the bank won't do it, explain that they will get a truck back if they don't give her the loan- they want their money, not the truck.

Just know that she won't get what she owes on it and she won't get what the Kelly Blue Book says it is "worth". Remember, something is only worth what you can sell it for. You realize that car companies are giving 10-12k off 35k vehicles right now? What does that do for the value of used vehicles?

If all goes well, she is left without the truck she didn't need and a payment that she can afford. So- she will be pissed making a payment for something she doesn't have, right? That is why CREDIT SUCKS! I pay cash- for everything, even my cars. I own my stuff, it doesn't own me.

Just my .02

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