because i just got one and i made a big mistake so iam thinking about doing a voluntary repo.i know its going to hurt my credit but i have no other choice.
2006-09-05 09:52:43 · 7 answers · asked by juanitaspn 1 in Cars & Transportation ➔ Safety
Talk to the bank that financed the loan and see if they would agree to let you sell it for someone else to take over the loan. Some banks even have a list of people looking to take over a vehicle loan.
2006-09-05 10:03:45 · answer #1 · answered by tdm1175 4 · 1⤊ 0⤋
Make repo your last option. See if you can find someone to purchase the car from you. Better yet, why are you wanting to give the car up? If it's because your payments are more than you can afford, then try to refinance. If you can't get refinanced on your own, find someone with strong credit who will help you.
Often times if you can get someone with strong credit, you can refinance at better/longer terms that will esentially reduce your monthly payment.
Advertise your vehicle in the local news paper. If your car is fairly new and under manufacturers warranty then you have a better chance of selling it in the news paper (if the price is right). Lots of consumers feel more comfortable about buying a car under warranty as they know that it is more than likely trouble free.
If your car is out of warranty then this option may be difficult.
Remember when trying to sell your car, try to get your loans ACV (Actual Cash Value) for it. Most people think their balance is that recording they get when they call their lenders. Some lenders report your actual cash balance on the loan when calling, and some report your balance with interest.
Be sure to figure out the two before moving forward....
Good luck!
2006-09-09 12:18:27 · answer #2 · answered by Loquat 3 · 0⤊ 0⤋
Talk to the lender to see what other options you have. The lender would rather not do a repo since they will be unlikely to get what you owe from a sale at auction. They may give you some time to find a buyer.
2006-09-05 17:00:18 · answer #3 · answered by odu83 7 · 1⤊ 0⤋
Try to sell it first....letting it be repo'd should be a last resort..it will ruin your credit for years and they will have to sell your vehicle for cheap at auction ,leaving you still liable for the balance.
2006-09-05 18:04:28 · answer #4 · answered by baalberith11704 4 · 1⤊ 0⤋
Sell the car instead.
2006-09-05 16:58:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
They can't do that without a set of keys are a tow truck! You tell 'em!
2006-09-05 16:58:40 · answer #6 · answered by Anonymous · 0⤊ 1⤋
TRY PAYING WHAT YOU OWE...duh!!!
2006-09-05 16:56:13 · answer #7 · answered by Anonymous · 0⤊ 1⤋