i just got a car 1 month ago , i realized i was not going to be able to afford it but of couse i cannot take it back. i have tried to sell it but have had no luck i tried selling it back to dealership but they wanted to give me 21k and i bought it for 34k . my other option now its to return it to the bank that financed it. i have perfect credit this will be the only bad thing on it. will my credit be ruined, i do hhev 2 other vehicles i am paying for perfect and my house , ijust made a mistake. what would you do?? i hve gone thru a depression over this , i dont what to hurt my credit but i dont what to hurt my health either, any advice?
2006-10-01 06:11:17 · 10 answers · asked by juanitaspn 1 in Family & Relationships ➔ Family
This will definitely hurt your credit. I have worked in credit for a long time and voluntary repo counts against you in the worst way. Good luck.
2006-10-01 06:15:28 · answer #1 · answered by Val 6 · 0⤊ 0⤋
Your credit is not as important as your health. You've had a little bad luck. It happens to everyone, one way or another. Here's what you do.
Look up credit counsellors in your yellow pages. You're not going to use them because you have a credit problem, but simply because they are very good at negotiating with credit companies. You can tap into that skill. It may cost a little, but that's ok. In the long run it's probably not going to be so bad. Eitherway, you are going to get a professional on your side. You against the bank is NOT going to work. Put a pro onside and you're off to a better start.
Next you'll put the whole story on paper and give it to a good credit counsellor. After you see them, you have done all you are prepared to do about the matter. Cease making payments, leave it to the counsellor and the bank to sort it out between themselves. That will get the banks attention. As you have said, you cannot make the payments anyway. Better to resolve this as a choice than something you are forced into.
You have now made the entire problem someone elses problem. It need no longer affect your health.
And one last thing - the banks think they have all the power in this relationship. Actually, they don't. If they were stupid enough to lend you money, you now have the money and the car... So who is stupid?
2006-10-01 06:19:04 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Find someone with bad credit who cant get a car but needs one and let them take over the payments, Its better than messing up you credit but you do have good credit and you already have a house and a couple cars so you dont really need credit for anything else for a while, my repo didn't hurt me that bad I have a 580 credit score with a bankruptcy, repo and being over extended right now.. and 580 isn't that bad so your credit could not get damaged to bad. I even got a car loan after my repo. GOOD LUCK!
2006-10-01 06:27:51 · answer #3 · answered by ashleyeb23 2 · 0⤊ 0⤋
I am not quite sure I understand. If you knew you could not pay for it, why did you buy it. Especially after just 1 month of payments. That's a huge case of buyers remorse.
If you sell it back to the dealership, you will still be responsible for the other $13,000.00.. If you let it go back, it will hurt your credit. Even though it will be a voluntary thing, it will still be bad.
At this point, you are stuck between a rock and a hard place. Maybe you could refinance at a lower rate for a longer term...
2006-10-01 06:16:02 · answer #4 · answered by I love the flipflops 5 · 0⤊ 1⤋
No finance enterprise will enable somebody "take over" the vehicle cost. they're going to would desire to get a private loan to pay off yours, so they are able to have the vehicle of their call. it is the only way they're going to do it, and that's solid because of the fact it won't default back to you. A repo will circulate on your credit for seven years, and could mess it up exceptionally undesirable. What you're able to do is touch your finance enterprise and notice in case you will desire to forfeit the vehicle without unfavorable credit repurcussions...they'd be prepared to paintings out a deal, yet its all as much as them. Get even though you pick for on in writing, on enterprise letterhead, earlier you do it nonetheless, so if some thing does ensue you are able to deliver that to the credit companies and contest it.
2016-10-15 09:59:41 · answer #5 · answered by ? 4 · 0⤊ 0⤋
I voluntary repo a jeep of mine back in the my college days when I voluntary did that my credit in Michigan was still good it was written in the report that I voluntary gave it back you need to call your bank and see what you can do about it since the loan company was kind enough to help me out good luck to you
2006-10-01 06:22:35 · answer #6 · answered by AngelVirgo9206 5 · 1⤊ 0⤋
even if you voluntary give the car back you will still owe the balance,you will still have to pay for it and it will hurt your credit. why would you get another car if you was already paying for 2 others? you should of did a budget before you committed to another loan. either let it go back and still pay for something you don't have or get a second job to pay for it. if you have a wife make her work.
2006-10-01 06:18:10 · answer #7 · answered by smurfette_ftwayne 3 · 0⤊ 0⤋
you're screwed.
the best you can hope for is to sell it privately.
you will get more than 21k.
give the money from the sale to the finance company and then continue to make payments to pay off the remainder.
2006-10-01 06:18:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋
sell the car privately and get as much as you can for it then give this to the bank
2006-10-01 06:15:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
wow good question,,,, if you can't sell it yourself i guess you have no other choice, good luck what ever you do
2006-10-01 06:16:29 · answer #10 · answered by Kathy 4 · 0⤊ 0⤋