I got a new job and I'm about to go out of the country for a year. The problem is is that I bought a new truck before I got the new job. I was wondering if I gave it back to the bank, how bad would my credit look versus a regular repo? Or is there a difference?
2007-03-23 08:47:19 · 6 answers · asked by Richard Cranium 3 in Cars & Transportation ➔ Buying & Selling
Odds are they probably won't do a voluntary repo on a truck. Even if they did, you'll still have a repo on your credit, all the charges and unpaid balance still left to deal with.
Call and ask; never hurts, but don't get your hopes up.
2007-03-23 08:52:40 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
You don't want to give it back to the bank or let it be repossessed. Try to work out a deal with the bank where they will let you sell it and get out from under the loan.
That bad credit history will haunt you for years. Take care of it responsibly.
2007-03-23 15:51:02 · answer #2 · answered by united9198 7 · 0⤊ 0⤋
if you give it back its the same as a repo they will sell it at auction and you will pay the rest of the truck so if truck is worth 30k they sell it for 15k your stuck with paying 15k and still have this on your cretit.
2007-03-23 16:45:19 · answer #3 · answered by mike73 2 · 0⤊ 0⤋
the best option is to sell the truck and pay it off . . theres no distingushing between giving back and taking back on defaulting on a loan if you default on the loan . . it will effect your credit negatively
2007-03-23 15:53:36 · answer #4 · answered by Rainy 5 · 0⤊ 0⤋
just sell the truck for the cost of the loan, have someone take over the payments.
2007-03-23 16:06:26 · answer #5 · answered by nottoday 2 · 0⤊ 0⤋
no difference between a voluntary or involuntary repo, some people will say different, but its not true
2007-03-23 15:53:12 · answer #6 · answered by bayareart1 6 · 0⤊ 0⤋