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Question: I was sick most of 2009 and was in the hospital twice and now i am unemployed.?

(Posted by: Scooter on 2010-03-10 19:06:03)

I have a car that I have gotten behind on the payments and they are going to repossess it. What should I do. I got approved for another car with a low down payment and lower payments than what I was paying on the car I have now. Should I let the current car go or what?

Posted by: Shina on 2010-03-10, 19:07:15

Get a job and pay for it. can you please ans mine too :) thanks! answers.yahoo.com/ question/ index?qid= 20100310185924AAgl3o3 &r= w

Posted by: CatDad on 2010-03-10, 19:15:14

A repo is a disaster....they will take the car, sell it at a huge discount and come after you for the remaining loan balance. Avoid if at all possible.

Posted by: James King on 2010-03-10, 19:24:11

I have no idea, but your bank could help, they would be happy to help, but i would try to keep the first car, maybe talk to the dealer and show them what the other dealer can do for you, and maybe they can match the rates, it will extend how many months you pay for it but i mean it would mean not starting over again. hope i helped.

Posted by: StephenWeinstein on 2010-03-10, 20:29:55

If they repossess the current car, then your approval for another car will be revoked/ rescinded/ taken away.

Posted by: My Take on It on 2010-03-10, 23:35:33

Is there any way you can sell that car? How long have you had this car? Is it worth more than your balance on the loan? If you have been approved for another car with a low down payment, you better take that quick before this one gets taken away and then your ability to finance another car evaporates with it.

Posted by: Doctor Deth on 2010-03-11, 10:27:45

You will be getting a huge bill eventually after they repo it, sell it at auction for a lot less than you owe them and they will also tack on a few $1000 in repo fees - happened to me - I wound up owing about $17k on a car that I bought for about the same price and had made almost a yrs worth of payments on - helped force me into bankruptcy