Posted on: 01st Dec, 2009 05:35 am
i'm' living with my brother after a separation i got lost my home my job everything but my car it is a 2005 nissan path finder and i have been paying for almost 5 years but i have 2 more to go and i own around 20.000 my monthly payment is 668.00 dollars i' have 2 months late payment but i don't want to lost it is all what i have after that i don't have nothing what i can do just let the bank do rep. and get another cheap car or can i refinance it? but my credit at this time is bad what i can do? i don't even have for another down payment what i can do?
your best bet is to discuss the situation with the lender who you're dealing with now, and ask if there might be a way to refinance the existing loan to reduce your payments, or if you can pay interest only for a period of time until you're back at work and able to pay regularly. you might seek out someone as a cosigner that would help facilitate this negotiation with the lender. if that's not viable, you can certainly try another lender - again with a cosigner, probably - and ask if you'd be able to refinance.
the best other option is to sell the vehicle, but would you be able to do so for enough to pay off the existing loan? that's key, of course.
last but not least...yes you can let them repossess the vehicle, but that will cost you a lot down the road, in bad credit, in high interest rates, etc. you must be paying an awful interest rate now to have been paying for 5 years yet still owe $20K and have 2 years remaining. but of course, $668 per month would only equal $16K, so you've overestimated how much you owe, it appears.
honestly, a cosigner, if one is available, might work for you and solve this problem, at least temporarily.
the best other option is to sell the vehicle, but would you be able to do so for enough to pay off the existing loan? that's key, of course.
last but not least...yes you can let them repossess the vehicle, but that will cost you a lot down the road, in bad credit, in high interest rates, etc. you must be paying an awful interest rate now to have been paying for 5 years yet still owe $20K and have 2 years remaining. but of course, $668 per month would only equal $16K, so you've overestimated how much you owe, it appears.
honestly, a cosigner, if one is available, might work for you and solve this problem, at least temporarily.