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What to do about my car.

My job isn't going well. I work for a spa that pays hourly plus commission. Well since we're slow, I'm basically working off of hourly which is a lot less than minimum wage. I have an interview today so I'm hoping it pans out.

Anyway, my question is: Should I give my car back to the bank or keep paying late.? I have a large monthly payment that it gets harder to pay each month so I pay late each time. I know that's messing with my credit but is it better to keep paying late or should I just take the loss and give it back altogether?

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Anonymous

Asked by Anonymous at 10:22 AM on Jun. 28, 2010 in Money & Work

Answers (8)
  • If you give it back to the bank, it will look like a repo and you will have to pay the amount that's left after the bank sells the car. I went through this.
    kuriequinn

    Answer by kuriequinn at 10:29 AM on Jun. 28, 2010

  • can you refinance your loan?
    KTMOM

    Answer by KTMOM at 10:33 AM on Jun. 28, 2010

  • If you don't mind a repo on your credit and if you won't mind them coming back for the difference between what they sell your car for and what you owe...
    itsmesteph11

    Answer by itsmesteph11 at 10:40 AM on Jun. 28, 2010

  • Unless you have something worked out with your bank, they will sell the car at an auction for hardly any money then come after you for the difference.
    If you take it back or they come get it, it shows the same on your credit history. And it sucks to have to pay for something you don't have.
    I'd just keep with the late payments.
    Or try refinancing it for lower payments if that's possible.
    Talk to them, some will let you skip a payment or something like that too.
    Kiwismommy19

    Answer by Kiwismommy19 at 10:41 AM on Jun. 28, 2010

  • I'd try to refinance first. When they sell the car, you will be stuck with the difference between what you owed and what it as sold for - it's not worth it.
    Scuba

    Answer by Scuba at 10:45 AM on Jun. 28, 2010

  • Well think about how much you owe then check www.kbb.com find out how much the car is worth to sell by yourself and try selling it then pay the difference. I would NOT under any circumstances give it back. Sometimes you can sell it for what you owe..Also try finding someone who can take over payments if possible I would do anything I could before I would give it back.
    chica679

    Answer by chica679 at 10:45 AM on Jun. 28, 2010

  • I would try refinancing first. If you 'give the car back' it's still considered a reposession. They will auction the car off for some ridiculously low amount of money and then they will sue you for the balance. I would try anything to pay the payments and still keep the car as opposed to giving the car back and still be legally responsible for paying for the car.
    slw123

    Answer by slw123 at 12:44 PM on Jun. 28, 2010

  • Do you still want it? How much are you short?
    I would refinance if possible. If you really want it. Join this group (has helped over 200 moms get a free, legit, flexible job from home) and get a part time gig just to help ease the burden...http://www.cafemom.com/group/30431
    I hope it works out well for you!
    GDIMOM

    Answer by GDIMOM at 5:03 PM on Jun. 28, 2010

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