I need to know what will happen if my hours at work have been cut and can no longer afford my car payment?

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I need to know what will happen if my hours at work have been cut and can no longer afford my car payment?
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I need to know what will happen if my hours at work have been cut and can no longer afford my car payment?

I cannot afford my car payment and I want to turn the car in?

Vipassana

That's called a voluntary repossession. It will destroy your credit.

It's not like you're just returning the vehicle. You are accepting a default on a loan. It's better than them chasing you down, but you still default.

mbrcatz

You're best off trying to sell it - you'll get more money that way, and you'll end up owing less to the bank that way.

Scott H

Find another job and keep the car. That's the responsible thing to do. If you turn the car in, you'll have no car and you still owe the money. A repossession only makes the car disappear, not the debt.

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