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What To Do if You Can't Make Your Car Payment

Edmunds.comEdmunds.com Member, Administrator, Moderator Posts: 10,315
edited November 2014 in General
imageWhat To Do if You Can't Make Your Car Payment

Can't make your monthly car payment? Edmunds asks the experts what to do.

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    texas20texas20 Member Posts: 1
    Thank you so much for all your advice. We're having financial difficulties and I was able to call my car lender and ask for a car payment deferment for 30 days..We got it.
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    jsrdrnrjsrdrnr Member Posts: 1
    Thanks for the info. I have been in contact with my lender and let them know my situation and they refuse to work with me at all. I have been in contact with them since day one. I am only 30 days past due and they are already sending the repo man.
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    ridanridan Member Posts: 1
    Hello i recently bought a car from honda. I signed a paper with downpayment 1800$ stating 6.99 % interest a week later i got called from the dealer saying that the interest rate will be 13%. Their statement was the third party did not approve. Is it legit. What should i do. I can't return car nor want to pay 13% interest. What should be the best option for me??
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    ron281ron281 Member Posts: 1
    can they garnish my check if i had nothing to do with car. wife came home one day with new car ,drove it for 5 months ,she couldnt afford payments ,she let them know and they came got it ,now saying she owes 10,000 after two years or the'll take her to court,and she lost her job .since she's my wife can they now make me pay this ?
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    rcrpwrrcrpwr Member Posts: 1
    I just purchased a car for $27,000.
    When I realized a made a terrible mistake it was too late.It was high pressure and not enough info on the vehicle.
    The car was selling for $14,000 however I still owed $12,000 on my old car.
    So this became a Upside Down Loan. With 12,000 in a hole already. the dealer put all of this negative equity
    into the deal or mistake. Also I found this car that was used that I purchased was in two car accidents after the fact.
    What can I do to get out of this? I would love to give the car up and get something more in my price range. At first I was only suppose to pay $300 a month now I am paying $450 a month.\
    Does anyone have a any suggestions or should I seek out a attorney?
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    steverstever Guest Posts: 52,454
    Can You Return the Car You Just Bought? may help.
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    Mr_ShiftrightMr_Shiftright Member Posts: 64,481
    Why can't you return the car? But if that's true, then I'd say your option would be to tell the dealer that you aren't interested in financing at that rate and tell them to find a better rate for you (where they didn't make so much profit on the financing) OR you could shop for your own line of credit from a bank or CU and possibly get a lower rate yourself.

    Probably what happened is that this was a "spot delivery" deal where the dealer basically is just guessing what your interest rate will be--he gives you the car, hopes that he's right on the rate, but if not, many customers don't want to bring the car back because they've already bragged about it, showed it to their family, etc. There should be, among your papers, a "Spot Delivery" document that explains all this.
    ridan said:

    Hello i recently bought a car from honda. I signed a paper with downpayment 1800$ stating 6.99 % interest a week later i got called from the dealer saying that the interest rate will be 13%. Their statement was the third party did not approve. Is it legit. What should i do. I can't return car nor want to pay 13% interest. What should be the best option for me??

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    dingusmcgeedingusmcgee Member Posts: 1
    I wish there were more locations like Vehicles for Change where people who can't afford cars can get cars for free, I believe they also offer free car repairs.
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    UpsetEndOfRope1UpsetEndOfRope1 Member Posts: 1
    I am a total nightmare situation. First the dealership I went through totally screwed me. I brought home 3 different vehicles and after driving them each for about a month's time, the salesman would call or send a threatening letter demanding the vehicle be returned at once because my financing was not approved! Well now I am pushed into a brand new vehicle to get the rebate to cover the costs on the difference! A few months go by, and I start receiving letters from loan companies tell me they closed out the account since I never went thru with the loan offer! I immediately report this shady business to the DMV. Now I am way out of my comfort zone in high payments, interest and insurance. Its been almost 3 years and I get a congratulations from Credit Karma that I have paid 17% of my loan!!!!!
    17% are you kidding? Now I have been let go from my $10 an hour job! My only hope is I get ran over by a semi truck before it gets REPOED!!!.
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    BrwnGrlLovesCarsBrwnGrlLovesCars Member Posts: 1
    I purchased a vehicle 3 years ago and was demoted to work only part-time unexpectedly due to the company down-sizing our department (of course). I was happy to still have employment but couldn't afford my car note much longer. I did the voluntary repossession in January 2019 and was upside down about $11k. I was able to reach a settlement agreement with Nissan where I paid them $3300 of the total amount owed and it did hit my credit pretty hard. However, to provide some of you all hope, my commitment to the loan was satisfied after the settlement amount was paid. I just closed on my first home on 12/11/2019. Not quite a year later, but I continued to make my credit card payments on-time which still helped my credit score Letting a car go is not the "end all be all", and your credit can be revived if you have other lines of credit available and at least satisfy any potential charge-off. Me voluntarily letting the car go also helped my debt to income ratio which helped with getting the home loan. Almost one year made a difference and I was still able to get a home loan for a 4-bedroom house. Good luck. Let it go if you have to.
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    topher428topher428 Member Posts: 1
    I corresponded with my lender. They provided a forbearance for an unreasonably short widow of time. I explained I had become unemployed and I was looking for work. I am continuing the job hunt. The lender will not provide any further forbearances or payment extensions.

    What is the best course of action I should take?
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