What can I do if I'm unable to make payments on my car? I really want to get rid of it. 2016 honda fit ex bought it last year
What can I do if I'm unable to make payments on my car? I really want to get rid of it. 2016 honda fit ex bought it last year - 1
Added (1). Do we need to pay anything extra if we give it back to the bank? All I really want is to return it back to the bank and less hassle. I don't really care if we lose all our money that we already paid. Will it hurt our credit score?
You sell it. You may end up not being able to pay off the entire loan with what you make. You would need to come up with the additional money prior to being allowed to sell the vehicle. Otherwise the bank will take it back.
Are you dealing with a full deck? You don't own the car and want to get rid of it. It is your ex'es and you want to get rid of it. Why are you paying for your exes car? Is your credit score above 450?
The car will eventually get repossessed.
You can sell the car to someone and have the buyer take over the payments on the car by having that person contact the lender to change the borrower to the buyer of your car.
Of course it will hurt your credit score. In fact your credit will be ruined for 7 years. If you volunteer a repossession the bank will sell the car for whatever they can get. You will then be responsible for the difference in what it sells for and the balance of the loan. You will also pay any repossession fees and selling fees. This is a horrible idea. See if you can get someone to take over the payments. You will need to work with the bank as they must approve any such deal.
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