I have been out of work due to medical issues,My finance company for my car is requesting i fill out out extension forms to continue loan at 18% i may not return to work for some time. I am already two months behind on loan,Have tried to return car but they have dragged this out I believe.Not sure what to do.file bankruptcy?please help. Michael
car loan extensions
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mightymoose
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What you shouldn't do is sign a new agreement that allows them to charge you 18%, that is crazy!
If you are willing to have a repossession on your record then simply wait for them to take the car. You have already informed them that you can't pay and have offered it. They don't want the car though, they want your money. Their legal option is to repossess the vehicle. If they do then you will still likely owe them some money, unless you owe less than the value of the car.
Filing bankruptcy is a personal choice for you to make and there are a lot more factors to consider than just car payments. A bankruptcy can provide you a lot of protections, but certainly has its downside as well. You may want to consult a financial advisor to determine what is best for you and your particular situation.
If you are willing to have a repossession on your record then simply wait for them to take the car. You have already informed them that you can't pay and have offered it. They don't want the car though, they want your money. Their legal option is to repossess the vehicle. If they do then you will still likely owe them some money, unless you owe less than the value of the car.
Filing bankruptcy is a personal choice for you to make and there are a lot more factors to consider than just car payments. A bankruptcy can provide you a lot of protections, but certainly has its downside as well. You may want to consult a financial advisor to determine what is best for you and your particular situation.
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