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It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.

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Q: What if I returned my car after purchasing it one year ago because I can no longer afford the payments?
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What happens to your credit when the car is returned because neither party can pay the note?

It's noted on your credit score that you were unable to make payments/late payments. It just looks very bad. Avoid taking out a car loan on a car you can't afford.


You are financing a vehicle but you can no longer afford payments what can you do?

Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.


Can't afford trustee payments what do I do?

Contact the company concerned and explain your situation.


Can you close on the sale of your home with an outstanding personal loan?

If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.


What bankruptcy can you file to keep your home if you are behind in payments?

If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.

Related questions

What happens to your credit when the car is returned because neither party can pay the note?

It's noted on your credit score that you were unable to make payments/late payments. It just looks very bad. Avoid taking out a car loan on a car you can't afford.


You want to surrender your car because you cant afford the payments?

Call your lender.


You are financing a vehicle but you can no longer afford payments what can you do?

Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.


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Of course.


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Homes in Fargo, ND are reasonably priced and affordable in today's economy. What you need to consider is wheter you will be able to afford the mortgage payments if you will be working; that is, is your job secure.


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Not very many kids went to school because the parents couldn't afford the school payments


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Yes there is. There are several sites on the internet that have calculators that can help you determine if you can afford the monthly car payments. They will also be able to tell you the in-tress on the payments.


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Can't afford trustee payments what do I do?

Contact the company concerned and explain your situation.