Greensboro, NC asked in Consumer Law for North Carolina

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?

Related Topics:
1 Lawyer Answer
Lynn Ellen Coleman
Lynn Ellen Coleman
Answered
  • Consumer Law Lawyer
  • KERNERSVILLE, NC
  • Licensed in North Carolina

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.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.