16 answers

Vehicle Financial Problems

I have a question about letting a car go back. We are buying a 2004 minivan and have been making our payments on time for the last 2 yrs. My husband just found out he is losing his job come march. Problem is we still owe $15000 on the van.My payments are $380 a month. Yes I know thats alot to still owe. How do we go about letting it go back? I love this van but taking care of my families needs come before a vehicle. I am heartbroken at the thought of losing the van. If any one has any information please let me know.

What can I do next?

So What Happened?™

As of right now we are looking toward refinancing. Thank you Briana for your recommendation of e-loan. We tried there and they have forwarded it on to roadloan. We were approved and have to contact them tomorrow to see what they can do to help. Thanks everyone for your feedback and I will update again when we have a definately solution.

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I would be interested in hearing what people responded with. We have been dealing with something similar. My email is ____@____.com luck.

I would try and sell it for the payoff or find someone to finance it in their name cause you will still have to pay the remaining balance after auction. Which will probally still be a high price (good luck)

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sorry to hear about that unfortunate event. most dealerships if that is where you purchased will let you surrender it. the bad part though is that the consider it a repossession and will still expect you to pay the remaining balance after it is sold much less at auction. I had this happen and ended up filing chapter 7.

1 mom found this helpful


I mentioned the other day that I would ask my honest car lot owner son to respond to your situation. Following is his response....J.


I don't think she should let it go back because it will hinder the purchase of a new vehicle for the next 8 years...
If she does let it go back, no matter what the dealer agrees with her, she will face the risk of that dealer selling it cheaper than her payoff and receiving a subpoena to court to pay the difference in the form of a Deficiency Judgement. The dealer will get their money - period. They are too greedy to "lose" money.

- SO MANY VARIABLES HERE... If she is in a low interest loan, she could sell the van through a local advertising source and have a local bank loan the difference of the 15k to pay off the van and keep a low monthly payment to save credit. If she is in a high interest loan - not as much to lose...

Advice to consider, if she lets the van go back, she will face high interest for 10 years on the next car. High interest that will cost potentially thousands more on the purchase of a new vehicle.


My husband and I were in this situation when we first got married. He had a 2001 Nissan Frontier. He had let it go back cause we couldn't afford it after a wreck he had. After it was sold in the auction we still had over 5000$ to pay back and it cost us 250$ a month. His normal payments were 350$. Do what you can to keep from letting it go back. Sell it or get someone to finance it in their names. But I would try talking to your finance company that is holding it now and tell them what is going on. They might work with you. Give that a shot before you do anything else.

Good luck

call your dealer ship and see if they won't lower your payments or you can try to call a bank for a loan and pay it off w/lower payments. with either of those you are gonna end up paying longer and sometimes more.
so it really depends on how much you really want to keep the van.

even try to go to the dealer ship and see if they will let you trade it for what the value you payed towards something else. they usually will if you have the interest payed for. that is really what you are paying on before your money ever goes towards the automobile. if not see what you still owe on interst, and if you can pay that then trade it for something with cheaper payments. i know we did with airport honda.
my old car we had the interst payed for and still owed quite a bit on it still but they let us get a brand new car with no roll overs.
so always check before letting it go back.
maybe they will work with you if they know your situation.

I would be interested in hearing what people responded with. We have been dealing with something similar. My email is ____@____.com luck.

Hi D., I hate to hear about your unfortunate situation. Is your husband looking for other employment? Hopefully by the time his job ends he will have something to fall back on. If you let them take your van back that is going to go against your credit,and hurt you more in the long run if you ever try to finance another vehicle ,or even try and buy a house. At very worst I would try and sell it , you may not get what you owe, but at least the remainder would be easier to deal with. I would try my best not to let it go back though, you never know what you may need in the future, and you sure don't want this to haunt you. Good luck!

have you tried refinancing the van so the payments could be dropped? Talk to your own financial institution tell them the situation and if that doesn't work. I refinanced my car after i bought it from E-Loan i did everything online and thru fax. took a couple points off my interest rate and took a year off my loan and brought my payments down.GL


I'm so sorry to hear about your husband's job. I know that must be stressful. Is there any way you could sell the van instead of letting it be reposessed? I'd hate for your credit to be affected.

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