I just bought a 2008 Colbalt in December to drive to my job but i found out today my job is gone Aug 1. REPO??

Question

My Job is 80 miles round trip is why I purchased the car. I got a call today. We all lost our jobs as of Aug.1. I will have to let the car go back ...whats going to happen to me ??? I am a 56 year old woman. I've never lost anything before..we just bought our home last week..so there's no equity there...I know my credit will be ruined but we will at least have our home. i really hope someone out there knows can give me some advice. especially on how repo's work.

40 minutes ago - 3 days left to answer.

Answer 1

If you're being laid off, you should be able to collect unemployment for 3-6 months - it won't pay as much as you're used to, but it'll help.  Your company may also give you additional severance pay.

Talk to your car lender to see what your options are.  They may be able to extend your loan.  For instance, if you have a 48 month loan now, you might be able to change it to a 72 month loan.  That'll lower your monthly payments.  The goal is to not go into repo (which can start as soon as you miss 1 payment) and not go into bankruptcy - hopefully you can avoid these things.  You might also be able to sell the car and simply pay off the loan.  You won't have the car anymore, but you also won't have the debt.  

Start looking for a new job NOW.  Perhaps even take on a crappy part-time job as well while you still have your current job.

Best of luck to you and I truly am sorry this is happening to you and to so many others in this country.  Maybe if we all vote democrat in November, things will start to change?

Answer 2

Christina has the right idea- call your lender and be honest with them. I am sure they have been dealing with this sort of problem more lately than in the past, perhaps they have some kind of forebearance program that can buy you some time to find another job.

Answer 3

Will you get severence pay? If so, use that to pay on your car. If not, start looking for another job now. It's a Cobalt so I doubt the payments are that high. Even if you just have to take a little nothing job for now take it until something better comes along.

Answer 4

You should call the bank who you have your car loan through and see what kinda options they may be able to help you with.. If you have no option but give it back I would file bankruptcy on it.. Bankruptcy is better than a repo.. You won't have to file on your house just on your car.. I would talk to a lawyer as well.. I'm sorry your losing your job.. I wish you the best..