I’m in a Financial crisis right now. My fiancee is unemployed and Im the only one making money right now and I have to support 3 kids.
I’m voluntarily giving back my car to toyota finacial because I cannot make payments on it. I know that I will be paying debt on the car afterwards but my concern is that when I get the bill on the debt, can I make payments on it without them garnishing my wages?
There is nothing requiring the lender to garnish your wages for the huge debt you will be responsible following the repossession of your car. If you and Toyota Financial can come to some mutual agreement on how to repay this debt that is affordable to you, you can do that. Generally the car finance companies just send you one huge bill and are not that flexible.
However, as ironic as it sounds, lenders do not act reasonably or with common sense in situations like these. Rather than being flexible or reasonable they demand minimum payments that are not sustainable. If you find yourself in that situation or can’t come to a mutually agreeable repayment arrangement you can always talk to a local bankruptcy attorney to help you eliminate this debt entirely.