- NEW!
by mseve68 on December 30th, 2007
If you don't continue to make the payments, the lender will reposess the car and sue you in small claims court. If the court finds in their favor, the lender will have a judgement against you for the remaining amount on the loan. They will then proceed to garnish your wages and, if possible, put a "freeze" on your bank accounts.
by john pennington. on December 30th, 2007
A lot of people bite off more than they can chew.
This is an old phrase, but its as good today as ever.
Your credit is going to suffer.
Call the dealer, call the creditor and explain your situation. make arragements to return the vehicle.
Voluntarily returning the vehicle is much better on your credit, than having it repoed.
Next time, buy a horse. its uses less gasoline.
by Yarnlady is happy every day on December 30th, 2007
What you have is called an "Upside down loan", because you owe more than the asset is worth. What you can do it take it to a reputable dealer. He will pay off the loan, and sell you a car you can afford, with lower payments, longer term, but higher interest rate.
Another solution is to take out a personal loan for a longer term, with lower payments, but both of these solutions are based on higher interest.
How do I calculate a car loan payment rate?
by Answerbag Staff on June 9th, 2010
| 1 person likes this
Can Someone take over my Car Loan?
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| 1 person likes this
Is auto loan interest tax deductible?
by Answerbag Staff on May 21st, 2010
| 1 person likes this
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by Answerbag Staff on May 12th, 2010
| 1 person likes this
My nephew loaned me $5,000 to purchase a truck, and wants security with a lien on the truck. I make monthly payments to him. We live in TX.
by jimsmith77006 on June 26th, 2011
| 1 person likes this
You're reading I have a big loan for my 2006 crossfire which i just can't afford anymore. I want to get rid of it. I owe more than what it is worth with all the interest and fees so i can't sell it. what legal action will be taken against me.
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