Do I still have to make monthly payments?
Also, I am married but my spouse is NOT on the car loan and doesnt even have a license.
Will this end up on my spouses credit as well as mine? (I live in North Carolina)
2007-02-08 00:20:55 · 3 answers · asked by Melissa M 1 in Business & Finance ➔ Credit
No experience with this but i'd imagine if they are taking your car, you wouldn't need to make monthly payments. It should not end up on your spouse's credit but keep in mind, your credit affects theirs! Good luck!
2007-02-08 00:29:47 · answer #1 · answered by Stephanie 4 · 0⤊ 0⤋
YOU take the car back instead of them coming to get it in the night. They will sell it, then you have to pay whatever they didn't get that you owe. Like say you owe 5000. and they sell it for 3000, then you still owe them 2000. No, it won't show up on your spoused credit, but since most married couples apply for stuff together, still doesn't help much.
2007-02-08 08:30:30 · answer #2 · answered by Shari 5 · 2⤊ 0⤋
There is no difference credit wise between a voluntary repo and an involuntary repo. The lien holder will run the vehicle through the auction and if they get more than you owe they will send you a check. If however they get less than you owe which happens 99 out of 100 times you will owe the difference.
It will not show on your spouses credit. But if in the future, you two apply for joint credit, it will hurt you.
2007-02-08 10:18:25 · answer #3 · answered by ? 7 · 0⤊ 21⤋