If you lost your job and can not afford to pay car payment return the car?

In most cases, yes, if you lose your job and can no longer afford your car payments, you should return the car to the lender. Failing to make payments will likely result in:

* Repossession: The lender will repossess your car, potentially damaging your credit score significantly. This is the most likely outcome.

* Collection Agencies: You'll be pursued by collection agencies, which can lead to further damage to your credit and potential legal action.

* Damage to Credit Score: Late or missed payments severely impact your credit score, making it difficult to obtain loans, rent an apartment, or even get certain jobs in the future.

While returning the car might feel like a negative step, it's often the *less* damaging option in the long run compared to the consequences of defaulting on the loan. Contacting the lender *immediately* to explain your situation is crucial. They may offer options like:

* Temporary forbearance: A temporary pause or reduction in payments.

* Repayment plan: A modified payment plan to help you manage the debt.

* Voluntary repossession: Returning the car voluntarily often minimizes damage to your credit report compared to a repossession initiated by the lender.

Don't ignore the problem. Proactive communication with your lender is key to mitigating the negative impact on your finances and credit.