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  #1  
Old 07-24-2008, 10:14 AM
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Can't pay Car Loan

What is the name of your state (only U.S. law)? Wisconsin

My husband lost his job 5 months ago and since then we have been struggling to make ends meet...This month we are unable to make our car payment and at this time we can't not see how we can pay it until he gets a job. I have tried to talk with the car company, payment center and they really can't work with me other than say pay the payment. My question is do I take the car back or keep the car and pay only a minimum of about $25-$50 a month if I can scrap that together...I know it will ruin my credit but I don't know what else to do.. I feel if i keep the car the interest will get to where I can never pay it off and it I let it go back to the company I know they will still try and get the money from me but - I don't know what to do...can you advise me....thanks so much
  #2  
Old 07-24-2008, 10:41 AM
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sell the car and pay off the loan
  #3  
Old 07-24-2008, 10:43 AM
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I can't sell the car - I don't have the title and I can't get the title without paying it off
I owe $34000.00 it is probably only worth $20,000 ( we made a stupid mistake on this car) and may monthly payment is $560.00
  #4  
Old 07-24-2008, 10:49 AM
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Location: Catatonic State
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Quote:
Originally Posted by caweckqueen View Post
I can't sell the car - I don't have the title and I can't get the title without paying it off
I owe $34000.00 it is probably only worth $20,000 ( we made a stupid mistake on this car) and may monthly payment is $560.00
**A: who is on title and who is on the loan?
  #5  
Old 07-24-2008, 10:50 AM
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Quote:
Originally Posted by caweckqueen View Post
I can't sell the car - I don't have the title and I can't get the title without paying it off
I owe $34000.00 it is probably only worth $20,000 ( we made a stupid mistake on this car) and may monthly payment is $560.00
Incredible...
Have you talked to the dealer/finance co. about a voluntary repossession?
At least that way, you'd only be paying off $15k to $20k...
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  #6  
Old 07-24-2008, 10:59 AM
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can't pay car loan

Yes we have talked to them about giving the car back voluntarily - they told us to do what we had to do...if we could make any payment would be good - but then if I'm not paying the full payment I will get added extra interest....so if I gave it back it would stop the accumulation of interest - I think - I just want to make the best decision and make sure they can't come after me for more than i owe....i hate the idea of having bad credit and we have tried to do all we know to do to keep paying - I have sold things - scrimped and scraped and I am out of resources....
  #7  
Old 07-24-2008, 11:00 AM
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can't pay car loan

my husband and I are on the title and the loan
  #8  
Old 07-24-2008, 11:02 AM
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Quote:
Originally Posted by caweckqueen View Post
my husband and I are on the title and the loan
**A: meet with a credit counselor this week.
  #9  
Old 07-24-2008, 11:03 AM
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Quote:
Originally Posted by caweckqueen View Post
Yes we have talked to them about giving the car back voluntarily - they told us to do what we had to do...if we could make any payment would be good - but then if I'm not paying the full payment I will get added extra interest....so if I gave it back it would stop the accumulation of interest - I think - I just want to make the best decision and make sure they can't come after me for more than i owe....i hate the idea of having bad credit and we have tried to do all we know to do to keep paying - I have sold things - scrimped and scraped and I am out of resources....
Then you already know what they expect.
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The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

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Tell it like it is! When all else fails, make up a statistic!

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  #10  
Old 07-24-2008, 11:04 AM
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can't pay car loan

and how do I find one of those???? I have never had credit problems before so not for sure what to do...
  #11  
Old 07-24-2008, 11:06 AM
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Originally Posted by HomeGuru View Post
**A: meet with a credit counselor this week.
They are beyond that. They need to get rid of the vehicle and THEN look at how they will pay the balance. There is no way they can afford over $500/month in car payments + insurance.
__________________
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The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
  #12  
Old 07-24-2008, 11:13 AM
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Posts: 8
Smile

c

That is my gut feeling too that this is what we have to do -
I know the creditors will be calling for the leftover amount - so therefore will they end up putting interest on that also - and it make take me years to pay off but if they are willing to make small payments - we are willing to do that...hopefully that is the way it works out - i sure don't want to be hounded....and this is not an easy situation to be in...life is difficult but in the end I stand on the scripture that All things work together for the good...even when we can't see the light at the end of the tunnel....
  #13  
Old 07-24-2008, 11:15 AM
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Quote:
Originally Posted by caweckqueen View Post
That is my gut feeling too that this is what we have to do -
I know the creditors will be calling for the leftover amount - so therefore will they end up putting interest on that also - and it make take me years to pay off but if they are willing to make small payments - we are willing to do that...hopefully that is the way it works out - i sure don't want to be hounded....and this is not an easy situation to be in...life is difficult but in the end I stand on the scripture that All things work together for the good...even when we can't see the light at the end of the tunnel....
You may want to consult with a bankruptcy attorney.
__________________
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*
The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
  #14  
Old 07-24-2008, 11:16 AM
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Location: Catatonic State
Posts: 75,781
sounds like a gas hog SUV or a European luxury car**************..
  #15  
Old 07-24-2008, 11:18 AM
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can't pay car loan

I don't know if I want to go to bankruptcy because I am able to make all my other payments so dont know if I should do it just for the car....i owe for my house and a few other small bills - don't think it would be worth it to do for the car....
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