Repo coming, what are my options to try keep my car?

[Osiris]

I have a auto loan through Chase. Currently 2months past due. I owe nearly $12k left, paid i think $20k so far on it, bought it new. I have been out of work for 9 months, i can no longer afford the high payments, and have tried refinancing it, with no luck. The loan is right at where the car is worth the loan.

I was reading a few other threads about people keeping the car locked up in garage and filing paperwork for some type of bankruptcy and able to keep their car?

I dont have much else out there for debt, maybe $1k in misc. credit cards. BTW im in WI not sure if that matters. O, and loan is in my name and g/f's name as well

Hard to see this go as it's first car ever bought new, and been downhill with work and all since bought it.

[jlmaca]

I have a auto loan through Chase. Currently 2months past due. I owe nearly $12k left, paid i think $20k so far on it, bought it new. I have been out of work for 9 months, i can no longer afford the high payments, and have tried refinancing it, with no luck. The loan is right at where the car is worth the loan.

I was reading a few other threads about people keeping the car locked up in garage and filing paperwork for some type of bankruptcy and able to keep their car?

I dont have much else out there for debt, maybe $1k in misc. credit cards. BTW im in WI not sure if that matters. O, and loan is in my name and g/f's name as well

Hard to see this go as it's first car ever bought new, and been downhill with work and all since bought it.

I think you said it yourself "I can no longer afford the high payments." Why delay any longer? If you think there is some immediate hope of increased income etc... I'd have a conversation with your g/f. She is on the hook also and it will affect her credit. Remember after they repo the car most likely they will sell it wholesale and then come after you and g/f for the difference.

[Stilltheone]

I agree with the above.

I am also in WI and have until Friday to pay 3 months worth of Escalade payments..Husband lost his job, got a new one at a fraction of the pay, so those 3 months of behind payments are not gonna happen....

I feel your pain, OP. Unfortunately, I don't think you have many options.

[Exployer1234]

You can ask Chase if you can defer a payment. Sometimes creditors can do this and you will pay the interest that is due for that month. If you only owe 12K and that is what the car is worth I would see if you can trade the car in for a car that cost less, thus making your payments less each month.

If you do not have a job right now you are judgement proof. This means even if they sue you they will not get a dime. It takes anywhere from 3 months to a year after they repo the car for them to take you to court.

The last option is BK, but with out a lot of debt then I would hold off on using this option. You have to think about what if you had some serious medical conditions, or other debt occur, then you have used your chance for filing BK for 8 years.