He does not want to give up a car

Letter to “Ask Leon”

A long story made short. A friend of mine has a 03 Jag and hasn’t made payments on it in 8 months and they can’t find him so they haven’t collected the car. He wants to wait till he can get the money and try to save his credit. Is this wise or should he let it go and go another route. In my mind he’s not making sense because he couldn’t afford it in the first place. Hasn’t it already affected his credit even if he could save it soon?

Leon Says…

I completely agree with you, your friend is not making any sense. I think his credit is already ruined, even if he suddenly paid off the car. Moreover, by hiding the car he may be putting himself in a situation where bankruptcy might not help him. Frankly, I think his desire to wait is just an excuse to keep the car without paying for it.