Getting Out of Vehicle Debt

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In order to get out of vehicle debt, the simple answer is to pay whatever is owed on the vehicle so that there isn't a repossession. Discover how a bank can take ownership of a car with help from the owner of a debt negotiation company in this free video on debt and money management.

Part of the Video Series: Debt Consolidation & Management
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Video Transcript

Hi, my name is Peter Repak. I'm the owner of Clear Financial LLC a debt negotiation company. Getting out of vehicle debt. Well the simple and sure answer is you simply have to pay whatever you owe on the vehicle. You're the reason why. If you don't pay it what's going to happen is a repossession procedure. One day you'll go home, you'll lock the car, you'll go into your house, by the time you go out your vehicle could disappear. Because the bank has the right to actually reposes the vehicle from you if you're not paying on it. Even if it's repossessed you have to understand sometimes when you do buy a car it's going to worth less than actually what you have bought it for. Whatever your loan is the loan amount is. So what happens is they repossess the car, once they repossess the car they have the vehicle, they're probably going to auction it off or they sell it off. Whatever you still have left as far as the loan amount on the top of that you're still going to be reliable for that one. If that's the case you can definitely give us a call because then we can help you to be able to negotiate that amount. You have to have a professional help on that one at that time or simply pay that amount off. But please understand it's a secured property. The bank actually owns your car. If you fail on your payments or you simply cannot pay then they will repossess the vehicle. If you are going to pay it on time, every time you're going to be able to keep your vehicle. My name is Peter Repak. I'm the owner of Clear Financial LLC a debt negotiation company, thank you for watching.


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