Is it better to pay off the auto loan with a few months to go or make payments after filing bankruptcy?

Question

There is only 5 more months left on the payment.

Answer 1

Hi,

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Answer 2

Do not pay off the car keep making the payments on time every month. You need to keep what credit you have, by continuing to pay this on time and over time (the bank makes more the longer you pay Interest is compounded daily) Since you have payed this bank on time and payed them over time they will more than likely overlook the fact you made some mistakes and will be glad to loan you money again. The interest may be a little higher but not as much as if you pay it off before going bankrupt. The bank cannot reposesse the car if the payments are being made on time and you are not behind. Your home mortgage company cannot take your car they can only take the home. the auto loan company cannnot take your house only the auto.

Answer 3

It should really save you hassle to just get a car loan price online to see what the going rates are.  You might be pleasantly suprised.  Also if your credit is not so great, a lot of them are more willing to work with people.



What I most often tell folks is that an internet quote at http://auto.lowratetoday.com is worthwhile.

Answer 4

You should pay the loan if you can...at least you'll be left with some sort of asset. After the bankruptcy you're in for insolvency.

Answer 5

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Answer 6

If you're on the verge of filing for bankruptcy (we won't get into the pros/cons of that), you should definitely pay off the car prior to filing. Here's why: You'll own it outright. Assuming it has SOME value, at least it's an asset that you could potentially sell if you want to. If you file bankruptcy first, the lender is going to assume you have no intention of paying it off, and may try to re-possess it, or at the very least, won't release the lien. Without a clear title, you CAN'T sell the car.