Little do many car owners or to the least those who have bought cars via bank financing or private financing that more often than not, they can prevent foreclosure of their priced possession. A car when financed would usually end up taken out by the legal department of a bank (usually) or a private financing when you fail to pay at a minimum to my knowhow as a loan consultant of up to only 3 consecutive monthly payments.
If you are on this, you are in real big trouble. You must outright ask for the advice of a professional or you will loose everything - the car you've always dreamed of and the money you used to pay for premium all those years and months of hard work.
Usually, what the owner would do to prevent the financing company to foreclose the car is to enter into agreement with the finance provider. It's either they surrender the car or pay the hard to come up penalties and charges. I had 3 clients whom I have previously assisted and I found out that banks would charge you with humongous legal fees and charges in the form of attorney's fee or lawyer's fee. One client would even curse the bank by charging more than 120 K alone for attorney's fee. Wow that must be so much greedy behind to take out so much penalty for the now almost impossible to pay principal premiums. Bottomline, the car will definitely end up in foreclosure.
Now how do you prevent this from happening? First off, ask a loan professional what you can do about this situation or better yet, I am telling it to you straight that you should consider knowing first hand prior to anything if you can still pay for your car loan under your financing. 2 months is enough in my knowledge to have as an allowance and thereby upon knowing that you can no longer afford, don't or never never never let the third month come. Ask for a car loan takeout. It will definitely help you get your car out of the bank or private financing and have it loaned or pawned to another financing with much lower interest and lower rate to pay for your premium. This way, you might still be able to afford to pay. Otherwise, opt in to have someone else to buyout your car from the bank or your financing. This will give you money instead of losing everything, the car and the money you've paid all those years.
How do you know exactly what to do next? Ask Me.