Ask Bill your personal finance question

Voluntary Repossession & Vehicle Refinance

I can't afford my car payments but do not want it repossessed. What are my options?

I have a defaulted car loan that I have fallen behind on. I was thinking about voluntary repossession, but after reading your response to others on this I'm not sure. I would like to work something out and just try to re-pay them and just keep the car but it will take a few years. Even in my predicament, could I just try to broker a deal with a third party/car buyer/auto dealership to sell them the car or have them take it over to cover the cost of the loan re-payment? If so how would I go about this? I just want to take care of this, but I'm very scared and nervous and don't know where to begin.

Read full question
Bill's Answer
(4 Votes) | Find Learn Save

You do not mention if you are employed, your present credit score, or your other debts that would help me answer your question. If you are employed with a steady job and have excellent credit, you may want to consider refinancing the vehicle into a loan with a longer term so that your monthly payments are less.

I like that you are thinking creatively to try to find a solution to your problem. You need to channel that energy into negotiations with the creditor to find an agreement.

One caution: If you to find a company or individual who promises to refinance the car, be extremely cautious to be sure the deal is legitimate.

I hope this information helps you Find. Learn & Save.



Get Debt Help!
(4 Votes)

People also like to Read

Daniel Cohen

Debt Settlement Companies | Review how to find the best debt settlement companies in business. Learn what to avoid, so you do... Read more >>

Daniel Cohen

Debt settlement agreements must include 8 terms and conditions. Learn how to structure a proper letter and how to negotiate t... Read more >>

Mark Cappel

See what you need to do after you finish a debt settlement program., your one stop resource for personal finance q... Read more >>

Mark Cappel

FREE Debt Settlement Advice | Debt settlement advice can be confusing. Find out what you need to know about Debt Settlement, ... Read more >>

Daniel Cohen

Are you thinking about Debt Settlement... let answer your debt settlement questions and let you make the best choic... Read more >>

Daniel Cohen

Your creditor may consider you judgment proof if your assets are off-limits from its collections. Learn how to tell if you ar... Read more >>


1500 characters remaining