Did you stay unemployed and are you worried because you have to pay the Automotive Credit that you requested from the bank to buy your car? Do not worry or despair, if you make the right decisions, you can overcome this situation without major problems. See godshew.org for a write-up
What to do if you are paying an auto loan when you lose your job
If you have Unemployment Insurance for the Automotive Credit, take it up, since this will allow you to cover at least up to 3 installments. Remember that you will be rehabilitated after 6 months of finding a job. Inform the bank or the financial company of your situation and present some documentation to support you (it can be, for example, a copy of the settlement). Negotiate an extension of two or three installments and thus avoid the collection costs, criminal interest and even the beginning of a judicial collection. The extension will also prevent them from being published in the Commercial Bulletin.
Covering you with a negative image that would harm you when looking for your next job
If your unemployment situation continues, you will have to make some more drastic decisions since no creditor will wait for you forever. In this case, sell the car and pay your debt. As the vehicle is pledged, the sale will take place simultaneously with the lifting of the pledge.
Another alternative is to leave the car on consignment at an automotive company so that they pay your account to the financial company. These sites generally charge 5% of the value of the vehicle plus VAT.
Do not leave for tomorrow what you can do today
Keep in mind that if you let the time pass and arrive at the judicial instance, the legal expenses will become more expensive and you will run the risk of being registered in the Commercial Bulletin. Think that it is not relevant if you change jobs since the Automotive Credit is contracted but it is important that you find a way to pay the installments of your vehicle to avoid reaching a judicial instance. Resolve this transitory situation in a practical way and think that soon you will get a job that will allow you to have the car you want so much.
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