i have an auto loan that i was given a year ago but i can not afford it they did not verified my income can i redo my loan
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i have an auto loan that i was given a year ago but i can not afford it they did not verified my income can i redo my loan
Asked on June 10, 2009 under Bankruptcy Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
You can speak to the holder of your loan and see if they can modify it somehow; for example, possibly reducing the interest rate. Absent that, you are subject to repossession for non-payment and any costs and expenses incurred for such repossession. Additionally, you are responsible for any difference between what they re-sell your car for and any outstanding amount that you still you owe on the loan.
As to their not verifying your income - does that you mean that you lied on your application??? That's a criminal offense.
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