What Happens If You Can T Afford Your Car Finance Anymore. If your situation is dire and you cant afford to make a payment first and foremost call your lender. Ad Get Pre-Approved To See Your Real Terms For Every Vehicle.
Ad Pick A Car See Estimated Payments Up Front Bring Your Offer To The Dealer. When you know you cant afford your car anymore and the repo man is closing in you have the option of doing whats called a voluntary repossession or voluntary surrender. Failing to make car payments should never be an option no matter your financial circumstances.
Youll be able to cut your monthly payments by choosing a cheaper car on a similar finance.
But take these three steps first as soon as you know youre not going to make your payment. If you find yourself saddled with a monthly car payment that you can no longer afford dont panic. If youre giving the car back under the assumption that the creditor will write the loan. This might work if your current loan payments are too high and you would like to trade down to a less expensive car.
