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Posted in Auto Loans
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Question By
Derekaffields

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Carmax auctioned my car after I defaulted but there's a remaining balance left. What do I do?
I've yet to find a job & my only source of income is my disability pay from the military.

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I couldn't make my car payments so I willingly surrendered my car. Carmax auctioned it off but expect me to pay the remaining balance after auctioning it off. I had no idea something like that would happen, nor did my mother who co-signed for me. Personally I don't think that is fair or right. Perhaps I should have read the tiny fine print, but who does? Shouldn't that be one of those worst case scenarios brought to someone's attentions when applying for a car loan?  Well now that I've already backed myself in a very un-fiscally responsible corner what can I do? I don't want them to continue to hound my mother, but I've yet to acquire a job and I have been actively looking. My only source of income is my disability pay from the military. What should I do?

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Reply by
tbdc

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There not much you can do but pay it. Both you and your mother is on the hook for the debt. Good luck finding a job and paying off your debt.

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