2. Get a written agreement. If you modify the terms of the loan, make sure to get a written agreement from the lender that outlines the new terms. Keep a copy of this agreement in your records.
3. Consider voluntary surrender. If you cannot work out a payment plan with the lender or if you genuinely can't afford to pay the loan anymore, you can also voluntarily surrender your vehicle to the lender. This means giving the lender the keys to the car and signing over the title.
- In this case, the lender will sell the car to try and recoup their losses.
4. Expect collection efforts. If you default on your loan, the lender may take legal action to collect the debt.
- This could include repossessing your car, garnishing your wages, or taking other legal actions to recover the money owed.
5. Get legal help. If you're facing legal action from your lender, you may want to consider seeking legal help.
- A lawyer can help you understand your rights and options and can represent you in court if necessary.
