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Lost my job due to a plant closing and cannot afford to make loan payment on vehicle.

Asked almost 3 years ago - Janesville, WI

If I cannot afford to make the payments, should I let them repo it by not making the payment or should I contact them and let them know and ask them to take it back? My credit is not a factor in this that it is poor anyway.

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Attorney answers (1)

Okorie Chukwudimm Okorocha

Reputation Level 19

Answered almost 3 years ago. DUI / DWI Attorney in Los Angeles, CA.

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You can call them and try to work out a way to keep it. But, since you are not worried about your credit, you have nothing to lose other than a judgment for the balance if called for in the contract, so at least try to work with them on that so you do not have to pay repo fees.

My standard disclaimer: I am not offering legal advice, assume I do
not know the law in your state or at all for that matter and that I am
just making suggestions for starting points for when you do speak with
an attorney. Do NOT rely on anything I write and contact a lawyer in
your area immediately after reading my posting.

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