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Tonrita Is About to Get Her Car Repossessed

Tonrita

“Dear Steve,

I’m behind $2,600 in car payment need to catch up but the money is just not there. Paying off a lot of other bills right now but need a car to get back and forth to work. If i could just get the money to catch up i could keep up the payment now since my husband is back. I’m afraid to make payment currently cause I’m afraid they will take the car anyway and i won’t have money to get another please help what should i do.

How do i get the money i need to get current on the car with bad credit

Tonrita”

Dear Tonrita,

A logical and easy place to get the money to get the car payments back on track would be to stop making any payments to your unsecured creditors like credit cards, doctors, etc. Your car debt is a priority debt because without your car you can’t get to work to get a check.

Yes, it will trash your credit and put you in collections but your credit is already shot and you’d be better in collections than without a car.

One thing you said was that your husband was now back. I was not sure where he went to, if he is or was serving in the armed forces and was away on deployment then you may be eligible for relief under certain laws which are supposed to protect soldiers and their families when they are away.

Figure out how much money you can afford to pay the auto lender if you withhold your other payments and see if the auto lender will take that amount each month to bring the loan current. Outside of that you may want to talk to a bankruptcy attorney about a Chapter 13 bankruptcy so you can get your debt under control though a payment plan. Click here for bankruptcy information.

If you don’t take some action, they will take the car away. But without discussing your situation with a bankruptcy attorney or getting an agreement for the car lender to take monthly payments from you it would be a mistake just to send a payment. Sending in a payment does not stop a repossession when the payment is not sufficient to bring the loan current, unless you come to an agreement first with the lender.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

1 Comment

  • Hi,Steve

    I’m in the same boat as Tonrita. I’m also, behind $2,600 in car payments. The only different is that my car already got repo. I’m just not making the income I made last year due to the change of jobs within the last couple of months. In my house hold I was the bread winner of the family due to my wife full time student status. I’m trying to hold on until my lovely wife finish with school and started working. But, it’s very hard cause I’m trying to stretch a dollar out of a dime. On the other hand no one want even consider me for a loan due to my bad credit history. I’m wishing for a blessing so I can get my car back for transportation back and forward to work.

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