If i stop paying my car loan due to financial problems.?

  • Thread starter Thread starter nathnon8
  • Start date Start date
N

nathnon8

Guest
can i just gave the car back to bank?if the bank take the car back and sell in auction for less, do i have to pay the balence even due to financial problems?
 
first the bank will report you to the credit reporting agencies, they will not like taking the car back and if you can sell the car for just taking over the payments they will be more willing to accept the new person as the creditor with less scrutiny. but basically no! you cannot just give the car back... but you didnt say how long you have had the car... i am assuming its been well over a 6 month period
 
Your best bet is to call the financial institution that has the loan and ask what your options are. They may be able to defer payments or something to help you out.
 
Back
Top