Wednesday, May 26, 2010

I have a car loan and??

Because i had a earth surgery i cant go back to work for 6 months



If i paid at least the interest for the next six months can they still take the car away from me



I have a car loan and??

The short answer is yes, if you are behind on your bills, they can reposes the car.



The long answer is that they don't want to have to reposes the car any more than you want them to. The lender can provide extensions, or other options to help avoid getting behind on your payments. The key is communicating with the right level of person at the lender. The person who answers your call may not be able to help, but their supervisor may be able to implement a solution.



Most car loans car about the payments, and making only partial payments (e.g. only the interest) normally doesn't help. But, it's always worth a phone call to ask.



Good luck!



I have a car loan and??

Typically car loans are secured and yes, if you don't pay they can come and take the car. My suggestion is to call the finance company ASAP (like NOW!) and see if they will work with you. Ideally they'd rather have money than your repo'd vehicle. It just depends if you have your vehicle financed through a slipshod organization like Ugly Duckling Car Sales, or a traditional lender like GMAC.. or Ford Motor Credit. The key to getting a creditor to work with you is to be UP FRONT with them............... good luck.



I have a car loan and??

I think you need to call and explain your situation to the financing center that loaned you the money. Find out what you need to do. By the way what is Earth Surgery.



I have a car loan and??

What the heck is earth surgery? And yes, if you miss more than two payments, they can come and repossess your vehicle. Call the lender immediately to see if they will work with you. Also if you were working and now can't you can go on State Disability and still make your loan payment. You need to figure out something quickly even if you have to borrow the money to keep the car payment current.



I have a car loan and??

Yes, short, simple, correct.



I have a car loan and??

Yes, also if you don't keep the car fully insured if the contract states, they can take the car even if your payments are not deliquent. I know that some banks and finance companies, if you ask, will take one payment and put it on the end of your loan if you ask them to, so maybe in your situation, you can explain the problem and ask them to do this for a couple of months at least. During that time, you still have to pay the interest for that month, but it keeps your loan current.



I have a car loan and??

I hope your recovery from heart surgery goes well.



I agree with the other posters, call your lender and see if they will work with you.



Another poster recommended checking into state aid. That is a great idea. Go to your local DHS and see what programs you may qualify for. If you can get food stamps, the lifeline program (where you pay $1 or $2 for telephone service) help with your electric etc. Any help that they can give that would allow you to make a larger payment to the car creditor.



Also, ask your DHS for a list of charities that may give you some kind of aid.



I have a car loan and??

From 15 years in the industry, I can't think of any situation where a lender that I've worked for has allowed someone to do an interest only payment for 6 months. It shows your initiative, however, many financial institutions are strict with the contract. Many with give you an extension for usually up to 60 days, maybe 90 if lucky. You may want to try other sources to make your payment such as credit cards, equity loans, etc. On a positive note, you may want to check your original paperwork that you signed with the dealer to make sure that you (or they) didn't sign up for LD%26amp;D (Life, Disability %26amp; Dismemberment) insurance, This will make the payments for you while you are out of work. If you don't have this insurance at this time...you may want to look into it after you get back to work. You will be unable to purchase it (unless your still working and the surgery is scheduled for a later date) while you are out of work. Check for conditions. You may be able to get it now if you can find a company with no pre-existing conditions clause in the policy. Good luck!

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