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 11 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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