Legal Question in Credit and Debt Law in California
New car loan
I recently lost my job and was evicted. I need to get out from under my large vehicle payments ($1079/mth). how do I go about giving my truck back without being taken advantage of by the banks attorneys? I put $5k down and am current on payments. Can I give the truck back and owe little or nothing? Jobless & homeless but happy to be alive!
1 Answer from Attorneys
Re: New car loan
Usually, the creditor will accept a surrender, but will resell it and you will be responsible for the deficiency. Is there any way you can negotiate with the lender to reduce the payments or defer payments until you're back on your feet financial? Certainly, $1,079 per month is absolutely ridiculous!
If at some point you have other bills as well and want to get out from under, you might consider a bankruptcy.
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