If the car gets repossessed. You will still owe money.
It might be too late now. Because the repomen are already looking for the car. But you do not want the car to get repossessed.
The bank/lender will send your vehicle to an auction. An AUCTION!!!!
Someone, most likely a dealership, will buy your vehicle for a lot less than it's current market value, and you will be left to pay the difference between what you owe the lender and how much your car was sold for.
If I were ever in your situation where I lost my job and could not afford to make the same monthly payments. I would have immediately tried to sell the car.
Even if you sold the car at a lost, you will owe a lot less than if the lender auctions your car off. And at least you won't have a Repossession remark on your credit report.
You still might have time to sell your car and get a small loan to cover the difference. Trust me, trying to obtain a loan after a repossession will be very difficult.
As a last ditch option, take the car to Car Max and see if they will buy it from you.
Car Max will rip you off. They will probably also finance you the amount owed left on the balance with some awful lender like Santander, but it is a lot better than a repossession on your credit report.
Starting Score: TU 749 02/02/2014
@cjane1 wrote:Santander is the company that financed my car.
Your unfortunate circumstance reminded me of a quote from a movie called "Watchmen":
Heard joke once: Man goes to doctor. Says he's depressed. Says life seems harsh and cruel. Says he feels all alone in a threatening world where what lies ahead is vague and uncertain. Doctor says "Treatment is simple. Great clown Pagliacci is in town tonight. Go and see him. That should pick you up." Man bursts into tears. Says "But Doctor... I am Pagliacci."