Legal Question in Credit and Debt Law in New Jersey
Auto about to be repossed
My husband a I purchase a car in my name which only he used, now the payments are behind and I can't pay, what should I do, can I ask the dealer to take it back and try to resale or what, please advise
2 Answers from Attorneys
Re: Auto about to be repossed
You need to negotiate with the holder of the loan. Is that the dealer or a bank or finance company?
Re: Auto about to be repossed
You may have some options. The original lender might consider restructuring the loan to allow lower payments over a longer time. There are also some companies out there that will refinance cars, but be careful. Some might have high rates. Do not let the car be repo'd and sold if you can help it at all. That will be trouble on your credit report, especially for your next purchase or lease. If the problem really is that youre unable to get your husband to give it back or get him to make payments since he is using it, that is another problem that is not a credit problem. Good luck.
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