Hi. I have a question regarding auto reposession. My husband died 7 months ago and left me with a new truck with a payment I can't afford. I am unemployed (stay at home mom for 15 years). I am looking at having the truck reposessed out of necessity.I know this will damage my credit but there seems to be no other way out . ANY SUGGESTIONS?

Hi, cestmoilori!

Greetings and WELCOME to the site! I just moved your question that you had posted in Introductions to this topic area so that it would get the most exposure to those who are best able to answer it. Additionally, your question is more likely to get noticed and answered to your satisfaction in this topic area. Introductions is for people to introduce themselves and we try to not ask questions there.

We would appreciate it if you would return to Introductions sometime to tell us a little about yourself though, if you would be willing to do that.

Thanks!

You can try to refinance if you want to keep it, if your credit still good probably you'l be able to get a new car loan for 72 months at maybe 5 to 9% that might get your payments down a few hundred dollars a month.

Also you could get a small personal loan and sell the truck to a dealer, they pay the big chunk to the bank and you pay the gap between the dealer price and the amount you own so the dealer can get the title from the bank.

Carl.-

Repo has to be your LAST resort.

Even if you surrender the vehicle, it will still show up as a repossession on your credit reports.

Then, the lender can spend money getting the vehicle ready for auction, as it has to be sold at an auction, and it has to be flagged as a repossessed vehicle.

This means it will only bring a fraction of what it is worth, leaving you with a large balance still due on the vehicle you no longer have.

You MUST exhaust EVERY OTHER POSSIBLE OPTION before you surrender the vehicle.

Was it in both your names or just his? And I will assume there was no life insurance on the truck to pay for it if something happened.