What Happens When I Hand Back My Vehicle We Can’t Afford?

Question: Dear Steve, I used to work for the Department of Defense on a military base. I worked for several years. I had to stop about six months ago. My husband is a retired disabled veteran. Now we have too many payments and one paycheck from his retirement and social security. We decided to voluntarily … Read more

My Bank Won’t Give me an Auto Loan Because of My Past Repossession

“Dear Steve, Almost 7 years ago I voluntarily turned my vehicle in for repossession. I wasn’t behind, but I knew I couldn’t afford it and handle a mortgage since I was purchasing a house. Fast forward to this day it is on schedule to be removed off my credit in January of 2014 according to … Read more

I Have a Repossession on My Credit Report. How Should I Deal With It? – John

“Dear Steve, Car was turned over for voluntary repossession in 2010 due to engine failure and inabilty to continue making payments on a car that would not run. Not scheduled to come off credit report until 2017. Balance is approximately $8300 on the loan. Original loan amount was around $15,500 from 2006. Should I attempt … Read more

I’m Facing a Voluntary Repossession of My Vehicle Because I Can’t Make Ends Meet. – Tabitha

Tabitha “Dear Steve, Voluntary Repossession of Vehicle, Stll making payments and up to date but cannot aford full coverage insurance and payments plus payments on personal loan to fix vehicle that was a gift (cheaper to fix gift) My credit is already crap and I really need to get out from under a vehicle that … Read more

I’m Upside Down on My Car. How Can I Get Out From Under It? – Bill

“Dear Steve, My wife and I have a car that we are in desperate need to get rid of. I currently owe about $13000 for it still, but it is really only worth about $5400 according to KBB and the Car Dealership we are working with to try and get a new one. After the … Read more

A Friend of Mine and I Bought a Car. She Quit Making Payments and I Can’t Afford it. What Can I Do? – Nate

Nate “Dear Steve, A friend of mine and I bought a car last year valued at $35,000 for $30,000 out the door. Within the last year the price had dropped to half the amount owed on the loan. She decided to quit paying on the car and left me with the bill. I have the … Read more

Your Searches and Speed Round Answers

I was looking through the recent search phrases on the site this morning and thought I’d take a whack at answering some of them quickly so I’m trying a new approach, the speed round. What happens if you do not answer a debt collectors who is an attorney? If you mean answering the phone, you … Read more

My Chevrolet Aveo is Broken and I Might Have to Let The Bank Take It. – Gary

Gary “Dear Steve, Well, my current situation goes like this…..I bought a used 2004 Chevrolet aveo and have had it for about 3 years. The recommended service for a timing belt change came at 60,000 miles. I had 63,000 miles on the car when it broke. the car is not covered under any warranty. my … Read more

Is a Voluntary Repossession a Good Idea? – Dan

“Dear Steve, I owe about $8,800 on my car and with credit card debts being around $13,000, I am unable to pay more than the minimum payment due on that car. I don’t need this car and would love to get rid of it in order to throw that extra money at reducing my credit … Read more