Will My Car Get Repossessed Since I No Longer Have Steady Work? – Cindy

“Dear Steve,

I own my own business. With the economy I no longer have steady work. I can’t affored to make my auto loan payment. I have my auto up for sale. I can’t make the payment & I can’t sell it. What rights do I have?

The lender refuses to work w/ me to refinance my loan for a lower payment etc. Every interaction I have with them is never noted & all they want is their money. I’ve offered to have them come get the vehicle – I don’t know what else to do with out a steady paycheck.

Can my lender refinance my loan to help me make the payments if I am out of steady work?


Dear Cindy,

I’m so sorry to here that the economic decline has impacted you.

You ask what rights you have. Well you have the right to make your agreed upon payment or you have the right to have your car repossessed.

There is nothing that can force an auto lender to allow you to keep a car you can’t pay on. If the lender feels the collateral (your car) is at risk of non-payment they can come and pick it up, take it to the auction, sell it, and come after you for the difference in the auction price and your loan balance.

Lenders have worked out payment plans in the past but that is always on a case by case basis.

If you want to save a bit of money you can tell them you want to bring the vehicle to them so they won’t charge you for towing.

Just be prepared, they will come after you for the balance due as I mentioned above and if you can’t pay it then you might have to consider bankruptcy to discharge that debt.

I wish i had better news for you.


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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.
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