2006-07-20 18:22:24 · 2 answers · asked by Blue Eyed Baby 5 in Business & Finance ➔ Personal Finance
I had to do that once. What happened is I turned the vehicle in, they sent me a reclamation paper that had an amount on it that i could pay if I really wanted my car back. Of course, I did not. They sold it at an auction. There was still money owed on the car after they sold it, so I owed that. It went on my report as a judgement against me. They had sued me for the difference, and i could not pay. It basically ends up just as bad a mark as if they had sent repo man out to get it themselves. I did not have a co-signer, but i can imagine that they would go after that person as well for the remaining balance.
2006-07-20 18:27:02 · answer #1 · answered by fixer of all aka mom 3 · 1⤊ 0⤋
Not well I'm afraid. In fact, as far asw your credit ratings go, You're both better off letting it go into default.
2006-07-20 18:28:02 · answer #2 · answered by Ricky J. 6 · 0⤊ 0⤋