 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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Posted: Tue Dec 01, 2009 7:45 am Post subject:
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your best bet is to discuss the situation with the lender who you're dealing with now, and ask if there might be a way to refinance the existing loan to reduce your payments, or if you can pay interest only for a period of time until you're back at work and able to pay regularly. you might seek out someone as a cosigner that would help facilitate this negotiation with the lender. if that's not viable, you can certainly try another lender - again with a cosigner, probably - and ask if you'd be able to refinance.
the best other option is to sell the vehicle, but would you be able to do so for enough to pay off the existing loan? that's key, of course.
last but not least...yes you can let them repossess the vehicle, but that will cost you a lot down the road, in bad credit, in high interest rates, etc. you must be paying an awful interest rate now to have been paying for 5 years yet still owe $20K and have 2 years remaining. but of course, $668 per month would only equal $16K, so you've overestimated how much you owe, it appears.
honestly, a cosigner, if one is available, might work for you and solve this problem, at least temporarily.
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George M. Akerley
Independent Contractor - Mortgage Consultant
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860-221-5044
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