I have to let my car get repossesed after just 3 months!?

Question

We were given a loan through a finance company that specializes in people with "bad credit, no credit". After just 3 months of payments, we cannot afford it. Is it possible that they will just try and re-sell the car from the lot or am I going to have to go to court for this? My credit is already bad, so I don't care about the repo being on my report, but I am scared to death of going to court. One more thing, I'm on SSI and have no assets or any money in a bank account so they can't garnish my wages. If I buy a car it will be paid by cash...could they take my new car if I get one?

Answer 1

I'll get the thumbs down here but whatever.  You're an idiot..plain and simple.  You bought a car and magically figured out after 3 months later you can't afford it...bravo dumba$$ to the head of econ 101 with you.  You will never borrow money again, its that simple, you will always need hands out and help( i.e. asking for money to buy simple items) from family members.  Great to see everyone else has to carry your sorry a$$ for the rest of your life.  Good god I hope you don't have kids, because they are getting they raw deal here because of your ineptness in life.  O, and one more thing...if you can afford to have the internet and blue tooth bug thing your ear (I know you have one) then you should be able to handle a car payment....

Answer 2

Just call the finance company and tell them you can't afford to pay any longer and offer to return it to them. That will be it. You are never under any obligation to go to court, even if they decide to sue you for the balance...which is unlikely if you turn the car back to them. if you don't show up for court they just get a default judgment against you .. which should not make any difference if your credit is bad anyway..

Answer 3

See if you can refinance--usually they're ok about it, but you MUST talk to them BEFORE the payment is due, BEFORE your account is past-due.  You could also see if your loan is assumable; that is, if someone else can take over the payments.

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SEE PEOPLE, THAT'S WHY YOU DON'T BUY A NEW CAR IF YOU CAN'T AFFORD IT!!!!!!!!!!!!!!!

I got a (pretty old) Lexus (ES250), paid cash for it (Less than $3000) and I have a LEXUS and NO EXPENSIVE PAYMENTS!!!!!!!

Answer 4

If the car is repossessed they will sell it and attempt to get their money back. But as with all cars, they lose their value overnight. So the amount of money they sell it for won't necessarily cover the amount that you owe on the loan.  In that situation they will come after you for the balance due on the loan. If you don't pay them, they will file a lawsuit against you. If you don't pay the lawsuit you'll never borrow money again.  Not even for a cell phone or a water bill.