I'm just thinking about it, thats all so help me out if you can... I have a car payment and will soon be taking a hiatus from work. I wish, just wish I could get rid of the $308 per month car and $108 insurance payment from my list of bills in order to make that hiatus last a bit longer. I'm thinKing perhaps of buying a used car for cash or even using public transportation for a while until I go back to work. Whats the easiest way and least harmful to my credit rating of getting rid of my car? Is there only one level of repossed auto that show up on your credit? Can I just "give up" the car? (My credit is in the high 600's, pretty damn good so I really might not do this) Just an idea, but I figured if anyone knew, someone on the BBS would know! ok, now get back to work!
If you're going to buy a used car anyway, then I don't see any reason why you wouldn't just trade your current car in. Maybe you can get a decent deal, and you wouldn't have a repo on your credit report.
A lot of times your finance company will allow you to request a period of time to hold your payments. I was once able to do it for 3 months. Of course they have to adjust your loan a bit but it didn't affect my payments too much if at all. I don't know the exact details of it. Ask your fianancial institution to find out more. If you let them know..usually they can help you ot. YOu'll still have to pay insurance though.
