What is the name of your state (only U.S. law)? Texas
Hello,
I am currently upside down on my auto loan with no source of income, and I would greatly appreciate any helpful advise.
I was laid off from my job in the O&G industry about a year ago, and I am now a full-time student. I was able to make my payments on-time for the past year with savings, but I have exhausted all of savings and I am no longer able to make payments. My oayoff amount is $11,000, and my car is worth (according to KBB) around $8,000 though a private seller, or around $6,500 through a dealership.
As of right now I am two months behind on my car note, but I have spoken with my lender (Cap1) and they have setup a "catch-up" payment plan. The only problem is that even with the payment plan, I will not be able to make the payment due to my lack of income. Unfortunately, borrowing money from family or friends is not an option (not due to unwillingness to help, but inability to help). I looked into things like Lending Club and Prosper, but as I have no income I would be unable to receive a loan to pay off the negative equity.
I live with my parents, so my only other financial obligation is my cell phone bill (my car insurance was cancelled).
Time is also a factor as the payment date (5/27) is approaching, and since I will not be able to make the payment I understand that repossession is soon to follow. I would like to avoid that at all costs.
Do I realistically have enough time to sell it to a private seller, and if so, how will I remedy the negative equity with no source of income?
Also, I have no assets to sell that would be of substantial value outside of a laptop.
Hello,
I am currently upside down on my auto loan with no source of income, and I would greatly appreciate any helpful advise.
I was laid off from my job in the O&G industry about a year ago, and I am now a full-time student. I was able to make my payments on-time for the past year with savings, but I have exhausted all of savings and I am no longer able to make payments. My oayoff amount is $11,000, and my car is worth (according to KBB) around $8,000 though a private seller, or around $6,500 through a dealership.
As of right now I am two months behind on my car note, but I have spoken with my lender (Cap1) and they have setup a "catch-up" payment plan. The only problem is that even with the payment plan, I will not be able to make the payment due to my lack of income. Unfortunately, borrowing money from family or friends is not an option (not due to unwillingness to help, but inability to help). I looked into things like Lending Club and Prosper, but as I have no income I would be unable to receive a loan to pay off the negative equity.
I live with my parents, so my only other financial obligation is my cell phone bill (my car insurance was cancelled).
Time is also a factor as the payment date (5/27) is approaching, and since I will not be able to make the payment I understand that repossession is soon to follow. I would like to avoid that at all costs.
Do I realistically have enough time to sell it to a private seller, and if so, how will I remedy the negative equity with no source of income?
Also, I have no assets to sell that would be of substantial value outside of a laptop.
