Steven Wells4 said:Well, I guess it depends on which bank you’re using for your car loan? ...because I've actually heard from a few people already that their auto payments shot up like crazy... mine only went up by maybe a few bucks, and my total payment is roughly $433, so this all seems pretty strange to me (my loan is through Wells Fargo) ...
My loan is through Chase, and they always find some excuse involving exchange rate fluctuations to squeeze more out of you. Honestly, I think my biggest screw-up was taking out a loan tied to the Swiss Franc; back then, I wasn't really thinking about how much that could bite me later on.🤷
I think the real issue is that the interest rate jumped by 25%, and that’s a massive hit to take... I mean, they can just push those numbers up to $1667 without blinking, and you're stuck holding the bag because the government always seems to be backing them... maybe the only saving grace would be if you have collision coverage on the auto loan...
I’m stuck with a seven-year auto loan, and even though I managed to knock out three years of it, I’ve finally hit a wall where I just can't keep up with the payments. I’m already three months behind, and now the interest rates are climbing while the exchange rate fluctuations have basically tanked me—my monthly payment has jumped from $693 to $833. On top of that, the loan includes an extra layer of driver insurance built into my standard policy, valued at what the car originally cost. The whole thing is through JPMorgan Chase, and they’re currently holding the vehicle title.
I need to know if there's any way to just hand the car back to settle the debt, and if so, how that actually works. Are there going to be fees or penalties involved? If anyone has dealt with this before, please let me know, because things are getting pretty desperate over here...