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  1. #1

    Default I Can No Longer Afford My Car Loan

    My question involves an auto loan or repossession in the State of: Illinois

    I have a car payment of 550 a month. My income has dropped 2200 a month. I am barely getting by with my mortgage payments. I can't afford the car payments anymore. I want to give my car back. I have called the lender and they won't work with me on the payments or reduce the interest to make the car more affordable. I have fallen so far behind on payments that my credit has already taken a hugh hit. I seem all the other responses but I was wondering if I give the car back and still unable to pay will they put a lien on my home? If so, that way I could pay them off when I ref and sell. I can't ref. my home right now the I owe more than the house is worth according to my mortgage lender.

  2. #2
    Join Date
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    Default Re: I Can No Longer Afford My Car Loan

    Quote Quoting Mickey Mouse
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    My question involves an auto loan or repossession in the State of: Illinois

    I have a car payment of 550 a month. My income has dropped 2200 a month. I am barely getting by with my mortgage payments. I can't afford the car payments anymore. I want to give my car back. I have called the lender and they won't work with me on the payments or reduce the interest to make the car more affordable. I have fallen so far behind on payments that my credit has already taken a hugh hit. I seem all the other responses but I was wondering if I give the car back and still unable to pay will they put a lien on my home? If so, that way I could pay them off when I ref and sell. I can't ref. my home right now the I owe more than the house is worth according to my mortgage lender.

    I am sorry you are going through all this.

    If you give the car back to the lender, they will sell it at auction for much less then you owe. They will then come after you for any deficiency.

    An auto loan is not like a home loan. They do not renegotiate it.

    Your best bet would be to sell the car for what you owe on the loan, take an classified out in the paper, pay off the loan and NOT let it go back as a repo.

    Yes, if you go the other route, they can come after you for a judgment, then attach it to your home.

    Just because you now owe more on your home then it is worth, DO NOT think that it will stay that way. In a few years your homes value will recover. I would suggest you do whatever you can to avoid a repo.
    My posts are not intended to offend anyone. I am sorry if they have.

    When it comes to your FICO scores you are dinged if you do and dinged if you dont

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