The easiest thing to do is as soon as you see your financial position change try sell the car and settle the amount. Places like webuycars and other used car dealers will buy the car from you and pay the bank directly removing all the stress

It is a big boost for me to subscribe on your channel Nicolette. Thank you for the straight talk. Finances are not taboo anymore. I used to treat money like some secret. It did not work. Money needs a clear budget. Finances require a good plan

I didn't even know you can surrender. Always educative. Your channel had made me create educative as well as I noticed when adulting a lot of things we don't know.

I always learn alot from you. You make me look smart.

I wish this kind of information was shared more widely because so many people get stuck with cars and debts they can't afford or manage. I like the fact that you highlighted the pros and cos of the process. Thank you Nicolette.

I love your honesty and I believe your teachings are what we need as the black african community. Asazi lutho ngalezinto and we would rather burry our heads in the sand than face the truth. Love you Lebo

Thanks Nicolette for this video it was very informative👏. Last year I surrendered my Toyota Quantam, keeped calling the bank to ask what's progress on the sale nd only last month they gave me the figure I need to pay. And I was lyk these ppl are crazy I will not pay that money, but after dis video I will go and negotiate with them coz I can already feel the effect of that account.

Such an important video! I appreciate you so much❤️. Living within your means is absolutely necessary and cars are usually the pitfall of many. I hope people will learn from the information you shared!🙌🏽I recently shared a video on how one can budget and live within one's means on an average salary.

I had noooooo idea you could do this as a person. Thank u for the enlightenment Nico! 🙂

This is informative. Thanks.

I had to surrender my car in 2021 which was already being fixed after a minor accident by the dealership. I was in financial strain & couldn't afford both the fixing and the installment. I used my bonus at work and provident fund after I got a new job to purchase a 2nd hand demo car cash and am happy, the bank has been quiet & I haven't seen anything on my credit report. Will follow up soon😂Ngikhathele yoh

Very informative. Thank you

So is it better to sell the car and pay the bank so that you clear the loan yourself?how does that affect ones credit score if you have missed a few payments but then you sell the car?

My favorite person in here❤️❤️❤️

Does this also apply to home loans?

I bought my car cash but now I feel like I can't afford to keep it 🥺 I can't even afford to pay insurance, service plan and maintenance plan monthly, is it wise to sell it?

Go to different dealership in attempt to get offers for your car. Once you get a better offer. Go to bank and check how much you might need extra to cover excess. Then ask for early settlement of the car. I haven't seen or experienced the process but it's possible. Leaving it to the bank to sell it at some funny low price should be last option and I believe the car shouldn't be sold at below market value.

Currently paying extra to keep things under control 😢, this rate hikes are slowly taking more from the budget

I ran into some financial trouble 5 years ago because I left my corporate job with no plan for income. I provided business services and the business was slower than slow but just enough so I would get fat, overeating because I was scared of going hungry - you can tell I had problems. I had traded in my Audi for +R100k debt 6 months before that. I then also had a R79k credit card I didn't have before. 5 months into quitting, my money ran out and I started missing payments. Over the next 24 months, I would pay 3-4 months late by evading the car repossession guys. I did not even answer my door when people knocked because I was scared they would repossess my car and I would park it at my second parking space hiding it. I went to court also for incurring +R100k debt for a deal that went awry because I had signed a contract stating I have to pay regardless. So, to say I was in trouble is an understatement. So, this Indian guy, Vis, from Absa comes to repossess my car and I sat him down on my couch, after praying for a long time and avoiding him and I said to him: "God said I must tell you that no matter how much you chase me to repossess this car, you will not get it and He will pay it in full. I also told Him that God says he must stop whatever deal he is trying to do." His eyes grew big and he said he will drop it. He then asked me which God it was. I told Him He is the God professed through the Apostles Creed and taught of in the Roman Catholic Church. He left. This was in 2017. In 2021, end of the year, I sent him an sms that the car is paid off. I still have not fetched my logbook though. Praise be to God for He is the only one who keeps His Word, every time.

Yoooo ngiku mess ,but thank you for clarifying things I'll try and do better

What about selling your car through platforms like Carzuka, We Sell/Buy Cars...etc? Because what they do, they settle the payment on your behalf so that you can close your account.

We learn something new everyday

Could you please make a video on leasing vs financing a car

So what about the credit short fall?

Hi, will you kindly also cover the topic of debt review/counseling for next time ❤

❤🙏🏽

You've said it with a mouthful Nicolette and I can attest to with everything, a friend of mine was in a dynamic situation because he completely misunderstood the entire process of his situation. He bought a brand new car for 315k, 2 months down the line the car had a problem, he then gets hold of the dealership and they took it in and "repaired" it, after a week of getting it back the same problem came back and out of anger he started threatening them and they ended up taking long to come and fetch the car because he said he wants a new car, the car had around 2000km on the clock, because of his demand they didn't want to give him a new car but wanted to repair it so the fight continued. So he decided to stop paying for the car because he wasn't using it and it had a problem, 3 months down the line the bank called demanding the arrears but he argued that the car he is paying for is giving him problems so the bank came and took the car as a repossession, they sold it came back to him with a letter saying that he owes the bank 160k - he went to court and tried to fight with bank but he ended up losing the case, the judgement was that the banks are a financial lenders not car dealers; they didn't choose which car he must buy and where he must buy it but they just assisted him with financial services, so in essence he fought the wrong people "the bank" instead of the dealership and ended up losing so much money because he was suppose to continue paying the installment and get everything sorted with the dealership - it's not like couldn't afford the installment it's just that he was so frustrated about the fact that he was paying for a car that's not drivable, he lost the car plus 160k.🤭🤭😐😐

What happens in the case that the car has been in an accident and you want to surrender the vehicle ?

Nicolette please help me. I need to speak with you please

I sold my car at webuycars last week Monday and I settled my car with the bank

I need 70k to settle my car. Would it be best to service and fix the car and try to sell on webuycars to settle the loan?

I recently sold my car at we-buy-cars, settlement amount was R160k they bought it for R167k.. the bank confirmed its settled I don't owe. How would this effect my credit score 😪