I can't pay my car payments anymore. What do I do? Please help?

I have a 2006 Lincoln Navigator which payment are too high ($940). Plus MPG sucks too. After I miss my payments for a while what happens? Do they repo my car? And if so what happens after that? can they sue me? can they take me to court? Please Help.

Any advise will be helpful

thanks

They will repo the car if you do not pay. And, yes they will sell it and sue you for the difference. Your best bet is to sell the car on your own terms, get another job to pay for it. They will not take the car back and consider it even. Cars lose money as soon as you drive off the lot. Therefore, they will not be able to sell that car for whatever you still owe on it.
Sell the car and take out a loan for difference to pay back the car financiers. Then get you a used car for cash.

Joe - usually after 3-4 missed payments they repo the car. The bank auctions the car and whatever the balance is after the sale, they will come after you for. It's best to try and bargain w/ the bank first. Tell them you are not ablet to make payments and see if you can work something out. Or you can ask them to take the vehicle, but not file repossesion on you. Hope that helps! Sorry about that happening!

Call the bank and explain your situation and tell them you want to do a voluntary repo and see what they say or suggest. better to man up than have them chasing you. Good luck !

If you miss the payments- yes after a while they will repo the car. This goes on your credit report as a repo and lowers your credit score making it much harder to get a car for the next 7 years. (That is how long the repo remains on your report.)

Can you refinance the note for longer to lower the payments? Place an ad in the paper to see if anyone will assume your payments. Sell the car but you will still be responsible for any amount remaining on the loan.

try to sell the car before the banks can repo... Its a bad thing for your credit.....

Try to keep making the payments while you sell this car. You are probably upside down (meaning you owe more than the car will bring), so you will need to cover the difference somehow to pay off the loan. This will keep you in control of the situation though.

If you do not keep up with this and the car gets repo'd or you do a voluntary repo, which will severely damage your credit, the bank will sell this car at auction for whatever they can get and then sue you for the difference.

Also, letting someone assume the payments is a really bad idea. You're still on the line if they take your car and then fail to make the payments. Sell it and get your name off of it.

IT always cracks me up when someone buys a car such as this and then claims that the payments were too high and the gas mileage is low (LMAO)!!!! A NAVIGATOR....seriously if you purchase a TRUCK like this what did you expect and a $940 payment...? <shakes head>

For $940 I could purchase to brand new cars AND gas for the MONTH!

What else is funny is that most of the time people buy Trucks like these and the payment is more than the rent? (Just can't believe the things some people go thru to pretend to be something that they are not)


But I digress, to answer your question, YES you willl be sued!

What will happen is that your car will be taken from your driveway in the middle of the night (if they can't get it from your job). The car will be sold at an auction for a fraction of what you owe on it. Some bank manager's daughter will get the Navigator for 20k and that figure will be added to what you have already paid for the car and then you will be held responsible for the difference.

so most likely you will still owe 20k on a truck that you dont even own.....after your former bank tacks on interest and late fees as well as the lawyers fees, court costs and administration fees on to the deficit. if you refuse to pay this amount your wages will be garnished after you are taken to court. Due to the amount it is not likely that it will be anything less than your wages being garnished.

Karen, Don't be hatin'. Everyone makes mistakes and hopefully learns from them.

Contact your bank asap. Good Luck. This too shall pass.

Either ask them to voluntarily repossess the car, or sell it to cover the loan. You might have to find some extra money to cover the remainder, because cars always go down in value. So if you buy a car for $20 000, when you drive it off the lot, it's worth about $16000, and then when you've had it a few months, it's worth progressively less. So if you take a loan for a car, and you then sell the car, you almost NEVER get enough money back to cover the loan.

If they repossess your car or take you to court, your credit history is ruined for years. So avoid that if you can.

See if you can car pool for a while to work while you are without a car. Kick in some petrol money to the driver (I'm carpooling with someone who conveniently forgets to pay me petrol money. I might forget her on Monday morning...) and start saving what you'd be paying on the loan for a new car. If you saved $800 a month at least, you'd have nearly $5000 in six months. That's PLENTY to buy a car. Get a cheap, secondhand, little town runabout. Pay cash and ask for a discount for cash. You'd be surprised how much you can get off stuff if you offer the vendor cash at point of sale.

You don't need a new car, or a big car. You're man enough without that. My partner has NEVER owned a big or new car, and he's a 'car guy' (he races sprint cars as a hobby and restores vehicles). If you buy a cheap secondhand car, and keep it in good condition, and service it regularly, you'll find it's far cheaper than buying a 'new' 'big' car you don't need. Brand new cars and large cars are a complete waste of money, and I think you've just found that out. Stay away from using car loans, because you'll always get screwed out of money. Buy a cheap car, pay cash, and if your ego really suffers, just tell everyone that you're driving that car so you can save up for something nice.

Believe me, mate, most chicks don't judge a man by his car. If you drive a little town runabout, like a hatchback or a coupe, most women would be impressed by your financial savvy. Chicks dig security, not a late model car.

Best wishes