
Quoting
pasogordonfan
My question involves an auto loan or repossession in the State of: California
My wife and I have two new cars both KIA's one is a 2005 and one is a 2006. We owe 16K on hers and about 9K on mine. My question is when we bought them we were renting from her dad. Long story short a house we had been looking at before we bought them kind of fell in our lap. Well things are getting way tight. 2 weeks after moving in we found out she was pregnant. I want to get rid of both cars or at least one so I can make the house payments. I really don’t want to have to lose the house.
What happens if you turn the vehicles in? I know it ruins our credit. What else happens in a situation like this? One lender is Franklin Capital the other is Chase bank.
I just got a wage garnishment for a child support arrears, and I can’t pay everything.
Any ideas? I just want to save my house for my family. I have an old pickup we can drive around for a while.
Thanks for the info. I’m sure I haven’t given enough info so if I need to clarify I will.
Thanks again
This is for San Luis Obispo County California