will that effect my credit report.
2006-09-27 05:31:07 · 10 answers · asked by Anonymous in Cars & Transportation ➔ Car Makes ➔ Chevrolet
That's like a voluntary repossession and Yes it will negatively effect your credit. Have you tried to sell it or offer it as "take over Payments" That's an easier way out and won't hurt your credit.
2006-09-27 05:34:48 · answer #1 · answered by Dan D 2 · 3⤊ 0⤋
We did that about 10 years ago, with a leased 1997 Mercury Villager. When I took the keys to them, I signed a statement that we were giving it up because we could not afford to pay for it. Two weeks later I got a bill for almost $8000, for the difference in what they had gotten for the vehicle at auction and what we "owed" on it. It sent us into bankruptcy, and our credit is not yet repaired.
Make sure you talk to your financer, and read every last letter on your financing contract. It most assuredly can effect your credit, in a very negative way.
2006-09-27 12:44:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
well .. #1 you knew what the payments were didn't you, when you got the loan? that should tell you something right there. #2 if you knew the payment was to high then you shouldn't have gotten it. by doing that you are living above your means. and #3 you can't just take it back like you bought it at Wal-Mart .. if you can't make the payment, it will be repossed probably resulting in backruptcy and yes ... bad credit.
2006-09-27 12:39:48 · answer #3 · answered by connie m 3 · 0⤊ 0⤋
Your transportation is neccessary today. It's like a horse 150 years ago.
It will hurt your credit severly. Don't look to buy another soon.
Your headed into the ole trap of high credit cost for a one-time mis-judgement.
Your best bet is to keep it. Try finding a part-time job to aid in the cost until
your improves.
2006-09-27 12:37:38 · answer #4 · answered by Jack G 3 · 0⤊ 0⤋
It's hard to say, you haven't returned it yet, it's not known what the terms of your contract is and we don't know if you can return it.
If you can't return it and you default on your payments, it will affect your rating.
If you renegotiate your payments without going into default then it shouldn't affect it.
2006-09-27 12:43:56 · answer #5 · answered by wisechineseguy 3 · 0⤊ 0⤋
It is know as a voluntary repossession, and it will affect your credit. However if you make arrangements to pay the outstanding balance and keep that agreement, then your credit will survive.
2006-09-27 12:36:04 · answer #6 · answered by yes_its_me 7 · 0⤊ 0⤋
I think you are only allowed 30 days to return a car. You'll problably have to sell it back to them by trading it in on a cheaper car, and they'll figure it out
2006-09-27 12:34:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
a voluntary repo on your credit NOT GOOD
2006-09-27 12:34:56 · answer #8 · answered by Red Sawx ® 6 · 1⤊ 0⤋
just trade it in for something else. people do it all the time.
2006-09-27 12:39:27 · answer #9 · answered by ambrks71 2 · 0⤊ 0⤋
Probably not. Ask your loaner or leaser.
2006-09-27 12:34:07 · answer #10 · answered by Anonymous · 0⤊ 0⤋