I asked for some advice before, but I am pushed to the wall. I have been paying on my car for 2 and half years. Never been late. My Credit score has went from the high 400s to the mid 600s in the last 2 years. I have really cleaned up my credit file and made all credit payments on time for the last 4 years.
Now my car loan is at 20% interest. I financed about %17,000 over 2 years ago, and making payments of 450 a month. I still owe 14,800. My car is worth about 4500 - 5000. I can't afford the payments anymore because my wife has been on bed rest for the last 2 months. She is due in Dec. It is either pay the car note, or feed my family.
I don't have many choices. If the car is repoed, I most likely would be sued for the money still owed, and then be paying for a car that I do not have. I can't trade it in or get refinance because I owe too much.
Any advice, or sources, or companies that might fund me for a refinance?
What are the chances that my loan company will take me to court and sue me for the balance owed if car is repoed and sold at auction?
I already talked to my finance company and explained to them my situation. They can do nothing for me. They can't even do refinances.
I live in Washington state.
Any help. Thanks to all.
Now my car loan is at 20% interest. I financed about %17,000 over 2 years ago, and making payments of 450 a month. I still owe 14,800. My car is worth about 4500 - 5000. I can't afford the payments anymore because my wife has been on bed rest for the last 2 months. She is due in Dec. It is either pay the car note, or feed my family.
I don't have many choices. If the car is repoed, I most likely would be sued for the money still owed, and then be paying for a car that I do not have. I can't trade it in or get refinance because I owe too much.
Any advice, or sources, or companies that might fund me for a refinance?
What are the chances that my loan company will take me to court and sue me for the balance owed if car is repoed and sold at auction?
I already talked to my finance company and explained to them my situation. They can do nothing for me. They can't even do refinances.
I live in Washington state.
Any help. Thanks to all.