I have a financed car with loan due. How can i pay off?

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

Norristown, PA -

Attorney Answers (1)

Nellie T. Schulz

Nellie T. Schulz

Debt / Lending Agreements Lawyer - Malvern, PA
Answered

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.

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