How do i get out of my car payments? If i let them repo it, will i still owe the company the $ on the car?
I bought my car 2 years ago brand new with only 7 miles on it, and i was making monthly payments on it just fine. But recently i had a child and my child’s expenses are costly to a point where i can’t make monthly payments on my car anymore. Of course i would rather get rid of the car than my child, so how do i do that? I don’t really mind if letting the car get repo-ed, will affect my credit cause i’ve already bought all the things a good credit rating is convenient for. The only thing i’m worried about is: will i still owe the company some money or the full loan amount if i let them repo it? Or will i get out of the loan completely? Also will it affect all my other payments such as mortgage, student loans, credit cards, etc.?
Please help me.
By the way, the car has 62,000 miles on it now if that’s at all important.
you may have to make the payment for the balance amount which will be there after repo also.
