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    bigrob082's Avatar
    bigrob082 Posts: 1, Reputation: 1
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    #1

    Nov 30, 2009, 03:32 PM
    If moved overseas in the military can you stop your car loan
    I am PCSing to Germany and was wondering if I could give the car back to the loan company? I have been paying on the car for over two years now and can not take it to Germany.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Nov 30, 2009, 03:37 PM

    Hello b:

    Giving it back is the same thing as them repossessing it. It'll ruin your credit, and you'll have to pay the difference in what they sell it for, and what you owe them.

    So, they'll just sell it to their friends for HALF what it's worth, because they KNOW they can get paid from you. And, they'll SUE you in order to get it..

    I have a feeling that, as a soldier, you can't have a civil judgment...

    So, just sell it yourself, and pay them off. Yeah, you're probably upsidedown... So, what else is new?

    Thank you for your service.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Nov 30, 2009, 03:39 PM

    Of course you can't just stop paying on it, you may sell it and pay the loan off, or you may allow it to be repoed and pay the difference in what they sell it for ( I have seen times you owe more after they take the car, when they add repo and legal fees and sell fees.
    Newguy2009's Avatar
    Newguy2009 Posts: 183, Reputation: 57
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    #4

    Mar 11, 2010, 12:34 PM

    I know you have probably already PCS'd by now but this is for anyone else that might read this. Why can't you take it to Germany? I was in the military in Germany and we were authorized to ship a vehicle. That way you would have one when you got there and didn't have to buy one.

    Sell it, ship it or take it to a dealer, they might give you payoff. You have been paying for two years so there might be some equity in it
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #5

    Mar 11, 2010, 01:04 PM
    Quote Originally Posted by Newguy2009 View Post
    I know you have probably already PCS'd by now but this is for anyone else that might read this. why can't you take it to Germany? I was in the military in Germany and we were authorized to ship a vehicle. that way you would have one when you got there and didnt have to buy one.

    Sell it, ship it or take it to a dealer, they might give you payoff. you have been paying for two years so there might be some equity in it
    Perhaps its an issue of rank. An E-9 is going to be allowed more than a PFC is. Alternately... the loan company may not allow it to be shipped as they hold the lien.
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