I am thinking about letting my 2004 trail blazer be repossesed my husband and i are separating and neither of us can afford it alone. I don't want to kill either of our credits but was curious how bad that would be on our credit, we have scores nearly 800 right now.
2006-08-18 16:09:36 · 8 answers · asked by SiberianHusky_8 2 in Business & Finance ➔ Other - Business & Finance
I have never been late on a payment and i know everything can damage it i wouldn't ask if there were other options. it is not worth enough to make up for what we owe.
2006-08-18 16:17:15 · update #1
PLease, please, please dont do that. If you have to go without a meal or 2 to save that from happening then do it. But don't get a repo on your record. It will destroy you for the next 15 years. 7 years it stays on your credit report and in the mean time you wont be able to get anything as little as a cell phone without a large deposit, you will not be able to rent an apt without a co-signer.........and so even if it goes off your credit in 7 years it will take you 7 years after that to establish some credit. I promise you that you do not want to do that. I bet you that your husband wouldnt do that to his credit. Hang in there and Tomorrow is another day. PLease whatever you do in life pay for that thing. Good luck, btw 800 is a pretty good credit score dont screw that up. Maybe someone you trust can take over payments for you in the worst case scenerio.
2006-08-18 16:18:13 · answer #1 · answered by Kristi A 4 · 0⤊ 0⤋
once you're at the point of repossesion, your credit is screwed already. you would have missed quite a few payments. best thing to do is to hand it back over to the lender. call them and talk to them about your options. they will help you as best as they can if you are honest. ~~~
2006-08-18 23:15:27 · answer #2 · answered by AMY 4 · 0⤊ 0⤋
it shows a unwillingness to pay for money you borrowed. why dont you sell it on the market and see if you cant do that or refinance the loan for a lower payment. and just a fyi divorce is pretty bad on your credit too.
2006-08-18 23:14:28 · answer #3 · answered by gsschulte 6 · 0⤊ 0⤋
not as bad at a bankrupcy, but you might want to think about some other option. Sell it or refinance it with the bank.
2006-08-18 23:14:23 · answer #4 · answered by The Pilot 3 · 0⤊ 0⤋
Not sure read some credit tips and articles on this site
2006-08-18 23:14:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋
put it this way your screwed when it comes to financing for the next 7 years, try verything to keep that from happening
2006-08-18 23:16:15 · answer #6 · answered by 7am gangster 3 · 0⤊ 0⤋
screws it up royally....worse than a bankruptcy. because a repo is considered a voluntary thing (even if it wasn't) but bankruptcy is considered to be something you did because you had no alternative.
2006-08-18 23:16:51 · answer #7 · answered by Sylvia H 4 · 0⤊ 0⤋
Ruins it.
2006-08-18 23:14:56 · answer #8 · answered by da_hammerhead 6 · 0⤊ 0⤋