[F]My situation is about a default car loan. To start, I lost my job, so I don't have regular income, so I've been missing my monthly payments. I think I'm 4-5 months late already. I tried arranging with the financing company last year (Oct 2008) for a payment scheme or a refi but I didn't qualify (my credit score is down). About the car loan, I believe I'm only a co-signer (or not the primary owner... what appears in all the documentation is the other person's name first then my name). But I'm the one paying the monthly bills as I'm the one using the vehicle. That person actually helped me then to acquire this vehicle but due to unavoidable circumstances, this is what happened. I didn't qualify for the loan then as my credit score was really bad (it's even worse now, I'm sure) when I acquired the vehicle. Since I've been late in my payments, I've been "hiding" the vehicle, as I'm hoping to start paying them again soon... I've been receiving calls from the collection agency but I only replied once & never did answer their calls again. I also been receiving calls from the financing company & they just keep leaving messages in my voicemail. My questions are:

- until when can I keep hiding the vehicle?
- until when it is legal for me to keep hiding the vehicle? (I have intentions of paying them again soon)
- will I be force by the financing company to pay the whole amount in lump sum (my balance) or got to court where I will be sentenced to jail?
- will I go to jail for hiding the vehicle for a long time (until I start paying them again)?

I am still in a terrible financial situation as of now, as I don't have a regular income but I do have part time jobs (to pay my other bills... i.e. IRS payments, rent, etc).

What should I do? What can I do? Please help... again, can I go to jail for all this? Thank you very much in advance :(

Once in default the entire loan is payable, Also you are adding up late fees and other fees each month, It can be 1000's additional if you keep waiting.

They will eventually just sue you for the full amount.

You get no use of the vechile.

And to be honest you need to merely give it back or start paying

Thank you for the reply... if I may ask, what exactly did you mean when you said, "...start paying," did you mean I'll start paying the full amount (my balance)? Is there no other way I still can negotiate with the financial institution & keep the vehicle? I've been paying for the car for almost 2 years. So the other person who helped me acquired this vehicle, will also be in the same trouble as me?

They may well work out a payment plan, if you talk to them, not talking to a lender is the worst thing you can do, they don't want your car, they want money,

Your friend has had his credit ruined and I am surprised he has not personally sued you and demanded the car. ** or worst, many friends do illegal things once they are going to be sued.

But they can and will sue both of you.

It will ruin both of your creidt, but your friend can, if he has to pay, merely sue you in return.

It is time to talk to the lender, turn the car in, or work out a payment plan

Thanks Fr_Chuck for your opinion. I hope to hear more opinions... thanks in advance :)