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    margarita_momma's Avatar
    margarita_momma Posts: 299, Reputation: 46
    Full Member
    		  
    #1

    Dec 24, 2007, 10:49 AM
    Can't afford Car. Now what?
    I recently purchased a used 2006 Pontiac G6 because I'm an idiot. Anyway, my living situation has once again changed and I have to find a new place. I am not going to be able to afford my car payment and insurance. I owe around $15,000 currently on the car. What steps do I need to take now that I can't pay for it? I don't want to let it go back but I have no choice. What will happen once they repo it? Any advice would be helpful. :(
    berrysweetncgurl's Avatar
    berrysweetncgurl Posts: 166, Reputation: 19
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    #2

    Dec 24, 2007, 11:03 AM
    Can u find someone who may want to take over payments on it>?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Dec 24, 2007, 11:11 AM
    You really need to find someone who will take it even if just to take over the payments,

    You really don't want it to go back, you may find you owe as much as you do now after you turn it back. What happens when it goes back, they sell it often at auction, a 15,000 car may only bring 6 or 7 thousand at a auction. They they add repo charges, lawyer fees, title fees and auction fees, so you may still owe 12,000 after they take the car.
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