secured vs unsecured loans
I have unsecured debt of approx. $50,000 and a secured auto/personal loan with $10,000 remaining. I have paid this loan faithfully and on time (as I have with all of my other debt) until now. Question: I am suddenly without work and need my car to secure work — will the bank re-possess the vehicle despite my needs and payment record? (My wife could make the monthly payments)
Posted from: British Columbia
If you don’t make your payments on the car loan, they will eventually repossess. Now they won’t repossess immediately and it is impossible to know how quickly they will pull the plug. The best thing for you to do is contact the lender directly, see if they can give you any sort of flexibility. They may be willing to do so as a result of your good history with this institution.