I worked for Kmart they were paying miles at .30 This made payments. With there chapter 11 I no longer work for them, but still have a car I cannot afford. What will happen when they take this car, and how can I get out of this mess. My credit was great other than this issue.
I would try to refinance. Do you have a job now? Were you good w/payments b/4 this- those factors should help you. If you can't refinance, I would try to contact the creditor & try to make some type of arrangements. If you don't think the situation will improve & you will not be able to afford payments in the very near future, try selling the car for payoff amount. You won't make any money on it, but you will be able to keep your credit in shape, infact, it might even look better by showing that you paid off an entire term loan. I would not just give up & let them take it b/4 trying every possible avenue.
