Not mom related but I finance a car and I cannot keep up on payments anymore since I had to take care of a family member and now I’m negative thousands of dollars on it. What do it do with it? Do I give it back to the car lot I got it from? I’ve had it for 3 years
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Have you been communicating with the loan department? Communication is key. See if you can maybe refinance it to lower the payments. If you work with them they will work with you but avoiding them doesn’t look good on you.
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You can return it but it’ll still show up as a Repo on your credit. You could always talk to them about adjusting payments to keep the car.
Bit of advice, if helping someone screws you and your credit, you’re being taken advantage of. Nobody should accept help that requires your financial future to be in jeopardy.
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Contact the financial institution you used, you will give it to them
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I’m behind on my car payment also and I’m just done paying $900 a month for it. We are drowning from month to month to keep this car so I’m just gonna give it back to them if they don’t repo it first.
Doesn’t matter if you return the vehicle, you will still owe the money you haven’t paid.
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Just be aware that even if you give it back to the bank as a voluntary repo you will probably still owe on the car. Usually they turn around and sell it and if they sell it for less than what you owe you still have that outstanding balance with them.
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Try to refinance it. But if you have had it for 3 years is it close to being paid off? Unless it’s your children your financial responsibilities should come before family
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Once a vehicle is repossessed the financer will sell it at whatever price and if it doesn’t cover what you owe on the loan you are still responsible for that amount of the loan.
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Call your finance company and asked them to come pick it up
If you have gap insurance, I’d park it somewhere sketchy and let the universe do it’s thing. Maybe you have a friend that could take over payments. Giving it back would definitely be the last resort option for me.
Refinance or try to sell it. You could try trading it in but that might not be helpful. You could resort to bankruptcy but even if you return it you will still owe whatever balance is after they sell it
This is why I don’t finance cars anymore. The first year I bought my car outright I used my tax refund money to buy it, it was like 2500. Needed some work done but it ran nice. After that I either got into an accident and got the insurance money and added some on top of it to buy something else or saved up what I could from tax return money and saved whatever I could on top of that to buy something. Eventually you’ll build up to buying something that’s 8-10k or fix up a cheapo and make it nice AF and sell that to get something you really want.
Yall do know that even if you give the car back you will still owe the amount of money you currently owe for the car? They can then get a judgement placed for you to still make payments on the car you no longer own… I know people who have been through this. They don’t just call it even after getting the car back