My situation is very unfortunate : I came to Philadelphia on a long term project . I took a car on loan , in order to build up my credit history . I was the paying the EMU on time as well . But last week , my project got ramped down suddenly . And now , I am in a fix . I need to leave US within a weeks time and i don't have the finance / cash to pay off the remaining loan ( close to 10s ) Now question : a ) Can i inform the bank about the same and explain my situation ? Will they take my car ? b ) Is there any other way i can sort this out . I just don't want to let this situation effect my credit score
Real Estate Attorney
While the bank may say they're sympathetic, if the loan goes into default or repossession, your credit rating will be affected negatively. The best advice I can give you to keep your rating from going down is to have a member of your family or a close friend (someone who's trustworthy) sell the car for you, then you can pay off the bank.