Vehicle Finance

Are you behind on your vehicle payments? Have they repossessed your vehicle yet?

Of course, the best way way to keep your vehicle is to make your payments. But if you know that you are going to be late or cannot make that payment contact your loan holder and see if they will work with you. Explain to them why you are going to be late and be truthful. Your lender may choose to work with you. If they refuse, you may want to go to another lender and try to get your vehicle refinanced. You may be able to get lower payments that you can pay.

If you have already defaulted on your car payments and your vehicle is up for repossession then get ready to hand over the keys.

Don't tear it up, don't leave it filthy and don't make any dents in it. It is not the banks fault that you did not make your payments. Greet the person who comes to repo it and give him the keys. Why am I telling you this?

You are still responsible for this vehicle. The more money they get out of your vehicle at the auction the less you have to pay. Yes, you still have to pay the difference in what you owe and what the vehicle brings. You are also liable for the fees that they have to pay to reposes your vehicle and the attorney fees.

The creditor turns it in to the credit companies and charges you with a defaulted loan. If you do not pay off these charges they then sell the loan to someone else who then add on more interest and more expenses from purchasing your loan. The repossession of this car can haunt you the rest of your life. Just when you think that the 5 to 7 years that this has road your credit for so long is about to come off. It doesn't. They just resell the bad credit loan and it keeps going and going just like the energizer bunny. My advice to you is if you can't pay don't buy.

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