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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.

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Bill's Answer
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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.

Best,

Bill

www.bills.com/

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(4 Votes)

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