I bought this car for my mom and dad about 2 years ago. They had bad credit and couldn’t get one themselves. They had been making payments but my mom died and now without her ssi check, my dad can not make payments. We are a military family on a tight budget with another baby on the way. There is no possible way for us to make these payments. Im planning on just telling the loan company where it is and doing a repo. I know they will sell at auction and come back to us for the balance but we will not be able to pay it. So can I just let it goto collections? Then what will happen?
I wanted to add: The car is in California and I am in Maryland so I can’t sell the car.
Originally posted 2008-12-22 19:24:45.
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It will end up on your credit and may affect your ability to get credit in the future – you do not want that to happen – do everything in your power to avoid the account going to collections; Sell it to another party for the remaining term of the contract; don’t just let it get repo’d