Because of a job change, that pays only commission I got myself into this mess. Now I have to move back into my parents home and lose my car. It pays good commission but I have had 3 bad month and now I don’t know what to do
How do I get out of this mess and save at least my car?
There are some absolutes in this world. For example, if you want to drive a nail into hard substance, it will require some force. If you don’t want to burn yourself on a hot pan from the oven, don’t grab it with your bare hand. If you want to keep your car, you need income.
I appreciate how much you want to keep your car but it is a function of the lack of income that is going to cause you to lose it. The good news here is that you are taking some steps to reduce your other expenses, like moving back in with the parents.
If your current commission based job isn’t paying the bills, you’ll have to look around and see if there is another job that might allow you to earn more.
Sadly, the hardest time to effectively sell is when you are desperate. Inspiration is always a more effective approach, rather than desperation.
The only hope for saving the car is going to be to negotiate a mutually agreeable repayment plan with the auto lender that you can afford. If they are not willing to offer you a plan that you can afford, you are probably going to lose the car. Don’t do anything stupid like hide the car to avoid repossession. If it is going to be snatched up, see if you can offer to drop it off and save some of the repossession costs, which you will be billed for anyway. Also make sure to take all your personal stuff out of the car now and leave it out so if the car is repossessed at a moments notice that you don’t need something in the car that you’ll have to struggle to get back.
If the car is repossessed then you will get a big bill for the repo costs, costs of the sale, and the difference between the amount of the loan and the amount received from the sale of the car at auction. This could be a very big bill.