2006-06-26 05:03:13 · 10 answers · asked by spukid69 1 in Cars & Transportation ➔ Buying & Selling
It's a big hit on your credit. Also, unless you got a release signed by the finance company or bank, they can sue you for the remaining amount they are owed for the car. They'll get a judgement and that will follow you for decades!
2006-06-26 06:55:48 · answer #1 · answered by Mama Pastafarian 7 · 1⤊ 0⤋
Yes it does. Even if you take it back, it is considered a repo. Then they will auction it and you will likely get a bill for the balance of what the auction price was against the amount you owed on the car. It hits your credit report and good luck buying a car without some major money down for the next 7 years. The only thing that can help you is to call the credit companies and thery have to let you make a brief statement as to why your credit is shot. For instance, I had to turn in my car as I suffered an operation and I had no insurance or any other calamity. Good luck..
2006-06-26 12:08:01 · answer #2 · answered by Aria 4 · 0⤊ 0⤋
I voluntarily turned in my car in 1995 while going through a divorce and they sold it at auction. I was sent a bill to pay the remainder of the amount due. I did not pay it, since I knew the total amount was already on my credit score and would be for about 7 years (in Texas). I was able to buy a brand-new car in 2000 with financing from my credit union since credit unions aren't as stringent on their credit requirements. The interest rate was not bad. You just need to make sure you get a copy of your credit report every year (it's free once a year from all three major credit reporting agencies). When the time comes for the bad credit item to be dropped, you may need to write a dispute letter regarding all disputed items on the report to all three credit reporting agencies and request that they be dropped from the report (my repo has since been dropped from the reports). Following is a good website that has links to sites about credit repair, etc.
2006-06-26 12:26:50 · answer #3 · answered by SETexasGal 1 · 0⤊ 0⤋
Yes it goes on your credit and it has the same effect as them coming and getting it without you giving them permission. It stays on you credit for 10 years just like a normal repossession.
2006-06-26 12:08:07 · answer #4 · answered by dkcrouse 2 · 0⤊ 0⤋
Worst kind, all repos.
You may get credit at a later time, but the interest will be max.
2006-06-26 12:08:01 · answer #5 · answered by ed 7 · 0⤊ 0⤋
yes a volunteer reposession is still a repo and goes on your credit the same way (negatively).
2006-06-26 12:07:21 · answer #6 · answered by GKFTAF 3 · 0⤊ 0⤋
It's a big effect
It's another repo no matter how you look at it and will stay on your file for 10 years
2006-06-26 12:06:03 · answer #7 · answered by Vulcan 1 5 · 0⤊ 0⤋
Yes, it goes under as VOL SUR (voluntary surrender), and it is extremely negative.
2006-06-26 12:07:07 · answer #8 · answered by huh? 3 · 0⤊ 0⤋
yes, it a big negative influence on your rating.... you couldn't pay for the car, so you turned it back
2006-06-26 12:07:06 · answer #9 · answered by fhubert1234 1 · 0⤊ 0⤋
they will sue you for balance, better file bankruptcy.
2006-06-26 12:27:00 · answer #10 · answered by Anonymous · 0⤊ 0⤋