Q: My car is collateral for a loan I have with one main financial company. Can I voluntarily surrender the car?
Lynn Ellen Coleman has already answered this question for me. Thank you, Lynn. My question now is what are the non bankuptcy options with this?
A: Unfortunately, it is impossible to answer this question in a public forum like this because a detailed analysis of your financial situation - income, expenses, assets, and debts - will be required. You do not want to expose that kind of personal information on a public forum. I can say in very general terms that OneMain is typically very generous with "refinance" options to lower payments on loans. Depending upon the term of the loan refinance offered, that may not be very smart. You can wait until the debt goes to a collection agency and work out a payment plan. That will hurt your credit because the collection account will show as a negative for 7+ years even if you stick to the payment plan on time and pay it off. You could also consult with a qualified NONPROFIT consumer credit counseling your area such as Family Service of the Piedmont. Nothing beats a personal consultation with an attorney over asking for specifics like this in a public, online forum that can be read by anyone - including your OneMain loan officer who might recognize you by anything specific you post on here. I'm not critical of you asking the question, but surely you must understand this forum has its limitations. We are only allowed to givegenral advice here.
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