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

    Nov 4, 2009, 03:24 PM
    What can I do with my car if I can't continue to make payments and I'm also backed u?
    I have a 2007 touota corolla(new car), and I can no longer manage the car notes each month. I have maybe 26 more payments and I owe an estimate 15,000 on it to pay. How can I get out of this car?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 4, 2009, 03:35 PM

    Most likely you don't, you can call the lender and see if they will take the car back ( title for payoff) but most likely they won't.

    So if you don't pay, they come repo the car, and then they sell it, and you will still owe the difference.

    So basically 15,000, with maybe 1000 repo fee, 1000 auction fee added, and 1000 to 3000 in attorney fees added. You will owe 18000 to 20,000

    At a auction most likely the car will sell for 5,000 to 8,000 and you will owe the rest.

    Can you get a part time job or some other income to help pay for the car
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