2006-08-03 18:08:40 · 11 answers · asked by tomjones 1 in Cars & Transportation ➔ Car Makes ➔ GMC
there is no such thing as a voluntary repo. That is just a term made up to make you feel better. A "voluntary repo" and "regular repo" are the same thing as far as the bank is concerned. If you can't pay for it, sell it, or trade it then unfortunately a repossession is all that is legally left. Contact your bank and they will tell you what to do. don't worry too much about it, because once you get back on your feet you can buy another car. the interest rate may be higher, but if you make your payments on time the next one you buy will have a lower rate. Banks will usually look at financing you again after 6 months to 1 year of on time good credit history. There is also many banks that specialize in poor credit financing.
2006-08-03 20:05:31 · answer #1 · answered by dialout2000 2 · 0⤊ 0⤋
If the vehicle is worth more then the remaining portion of the loan, then no problem. It will effect your credit for about 7 years, though, so be aware of that. If it is worth less then the remaining potion of the loan, then you will be liable for the remainder of the balance. You might check and see if the loan can be assumed by someone else. If it can be, then try advertising it as a take over payments, or sell it for the balance of the loan and pay it off. That way it will show up as and early payoff and be good for your credit. If all you can do is turn it back, then go ahead and do it. Stressing over a car you can't pay for is a lot worse then a voluntary repossession.
2006-08-03 19:16:21 · answer #2 · answered by Thomas S 3 · 0⤊ 0⤋
John h is right. A repo is a repo. If there is no other choice other than filing bankruptcy, turn it in. You know its going to show up on your credit anyway. What they do is resell it. If they sell it for more than what you owe, you are supposed to receive those monies back. If it is sold for less than what is owed, the difference is what you will owe and that total goes on your credit. Not the full amount at purchase. I've been there.
2006-08-05 12:36:33 · answer #3 · answered by Joy W 2 · 0⤊ 0⤋
The first thing is How much do you have left on the loan. you may have to pay the balance off. along with giving up you vehicle, you have to read your agreement, and what is said in that.... Hey good luck
2006-08-03 18:16:25 · answer #4 · answered by diman_1955 2 · 0⤊ 0⤋
don't set yourself up too soon, see if you can refinance to a lower term of payment amount totals & increase the time, see about an extension, see if you can trade it in for something less expensive with lower payments, sell the damn thing seek advice before you credit gets screwed for years to come!!!!!!!!!!!!!!
2006-08-03 18:40:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Do it valuntarily rather than wait for someone to take legal action against you.
2006-08-06 06:58:06 · answer #6 · answered by malcy 6 · 0⤊ 0⤋
if there is no other choice do a voluntary reposesion. it looks better in the long run
2006-08-03 18:17:14 · answer #7 · answered by Christian 7 · 0⤊ 0⤋
Dont' give so soon dood,try a few more times,just give a try again.Remember NEVER GIVE UP....
2006-08-07 05:29:53 · answer #8 · answered by sulaiman s 4 · 0⤊ 0⤋
where ever you got your car just put it back in the lot and leave it
2006-08-05 01:45:32 · answer #9 · answered by laycoxcasey 2 · 0⤊ 0⤋
. . . have you considered an insurance claim (for a small fee could arrange for it to go missing) . . .
2006-08-05 01:49:18 · answer #10 · answered by Astra 6 · 0⤊ 0⤋