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    How can I prevent my car from being repoed?

    I can't keep up with my car note payments, I only had the brand new car for 6 months. And I now realize that I can't keep up with this $499 payment every month. Not only that I have to pay $300 a month for the insurance. I really don't want to mess up my credit, I have really over extended myself. Please help me! P.S Or, is there a way I can get rid of the car or give it back to them without messing up my credit?
    a few seconds ago 7 Answers

    Best Answer

    Chosen by Asker
    Go back to the dealer where you purchased the car and explain your problem. You will take a hit on the car when you trade it in since you will owe more on it than it's worth. But if they got you financed the first time, they should be able to get you financed on a vehicle that is older and cheaper.
    a few seconds ago

    Other Answers

    • To precent repo, pay your bills on tiime. The other thing you could do is to have your car refinanced. Also, you could extend the term of the loan from say a 5 year car loan to a 6 or 7 year loan, to reduce monthly payments. However, this could raise the interest rate you pay back, though lower monthly payments. In the long run, extending the length of the loan will only result in you paying your lender back a lot more than you are right now. 3rd option would be to get someone to take over your payments. I don't see anyone in their right mind who would want to spend 800/month on a used car.

      by Muga Wa Kabbz - 13 hours ago

    • Oh geez, been there done that. If you have been late on payments your credit is screwed anyway. If the car is new you could sell it, or trade it in at the dealer for a super cheapy car with lower payments. You WILL lose money on the car you have now, but you will eventually anyway. Try the dealer and see if they can help.

      by ? - 13 hours ago

    • 1st place I don't understand why people does this mistake. You should have known when you made deal that it will cost you 500+300=800 a month! I am sure most of them will allow you to return/sale the car and get out of it. Is it a lease or purchase? Leasing company might have penalty to do that. See if you can sub-lease the car, thats an option if its allowable. While financing company is usually easy to deal with. Find a person who like to buy, make a deal send payment to bank to released the title. You get more money if you sale directly to buyer but It will be easy hard to deal with individual person since you do not have title on hand. On other side dealer likes to keep their margin but will be easy to work on this situation. I heard car max is easy to deal, less headache then other dealers. All tho every state/city gives you specific rights.

      by Ted - 13 hours ago

    • You can give it back to them as sort of a voluntary repo and it will still likely hurt you but not nearly as bad as them taking it for themselves. You clearly overextended yourself and I don't even want to mention the income level one should have to justify spending $800 on the car plus insurance. People do it all the time. I love cars too but they are considered a wasting asset. They, on average, consume one third of each American's income yet essentially leave you with nothing when you're done. Consider putting your money to better use next time no matter how tempting it may be to want to drive a flashy car like all your friends or neighbors. Good luck!

      by CSUflyer - 13 hours ago

    • I don't think so, I'm so sorry hun, I wish I could help you...

      by Neela Yorimoto - 13 hours ago

    • You might try finding someone who would be willing to take over the payments and take the car, other than that I think you can give it back but it will affect your credit. Also, think about having it refinanced, talk to someone at the credit union and I think you can get it taken care of. Good Luck

      by lonestarlady - 13 hours ago

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