Should i voluntarily surrender vehicle?
I have a car that needs a good amount of work done to pass state inspection. I have been driving it past the allotted expiration. I must get work done but do not have the money. however, I am still making payments and staying up to date. What is the smartest choice in this scenario?
- curtisports2Lv 73 weeks ago
Destroying your credit only makes things worse, not better. The lender does not want the car. They want the money. If you go to them and hand them the keys and tell them where to come get it, they can drag their feet doing that, letting your debt continue, and at such time they do decide to take it, they'll unload it for whatever they can get. If that's not enough to pay off the debt, which will be larger than when you gave them the keys due to accumulating interest and fees, they will come after you for the shortfall.
The best chance you have is to trade the vehicle in on another, if you can. This will eliminate the debt on this vehicle and give you something you can drive, but it will mean a new debt to pay. You're only kicking the can down the road as far as debt goes, but this will buy you time. You can go out and get a second job and put every penny toward paying off the debt, and once that is done, keep the job and start putting away at least how much the car payment was, so the next time you need a car, you'll at least have a down payment.
- linkus86Lv 73 weeks ago
If you can't afford the repairs, you also can't afford the fines you face by continuing to drive it if caught. The smartest choice is to not get caught. The second choice is to consider what it will be like to pay on a vehicle that you can't drive because it is impounded.
- 3 weeks ago
They don't want the car, they want the money.
- martyLv 73 weeks ago
If you're able to afford payments then trade it for a better running car. A car doesn't have to be paid off to trade it in.
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- Anonymous3 weeks ago
Aye, everyone should. Cars are bad, mkay.