If you can no longer make the monthly payments on your car note, you risk the chances of getting your vehicle repossessed and that’s no fun.
All too often auto loan borrowers have their vehicles repossessed because they can no longer meet the payments. Millions of repossessions happen every year and the damage is long term. It can ruin your credit for up to 7 years.
If possible, before it gets to the point where you can no longer make payments, see how you can get rid of the auto loan rate.