would selling my 2 year old car back to the dealer ruin my credit?

Question

i live on an island and planning to relocate to the mainland. its expensive to have my car shipped. would selling it back to the dealer ruin my credit rating?

Answer 1

Good answers so far. Just remember that you will probably get seriously ripped off when you sell it back. Dealers only care about making money, not helping you out. You would probably be better off if you could sell it to Joe Schmoe down the road.

Answer 2

some salesmen will do something to close a sale. comprise mendacity via their teeth which this guy is doing. no longer something you declare he stated is genuine and that's all one hundred% unethical. he's definitely advising you to forget approximately with regard to the money on the motor vehicle and take out a private loan with Toyota, with the help of the time Chrysler gets around to repossessing the motor vehicle you will already have your new Toyota so the repo won't impression that private loan. he's likewise mendacity to you approximately the two loans repairing your credit. The repo will impression your credit for a minimum of 6 years. Going deeper into debt in no way "maintenance" credit. It in basic terms makes concerns worse with the help of increasing your debt to earnings ratio. do no longer do company with the scum bag. decrease back out of this deal in the previous you hear to an fool and make a extensive economic mistake. My suggestion to you. save the motor vehicle that they won't take and in basic terms purchase one vehicle. yet do no longer do it at this broker, they are not applying ethical company practices.

Answer 3

Despite popular belief, paying a vehicle off early does nothing derogatory to your credit.
Now if you are trying to rebuild your credit, the longer you pay on time, the better your credit rating gets.

To sell it back to the dealer is fine, as long as they pay off the remaining balance you are covered credit wise.

The only thing that black marks your credit is paying late, not making payments, or getting your vehicle repossessed.

Answer 4

Not unless you are currently suffering from, or expect to suffer from financial difficulties, in which case your chances increase in exponential relationship to the degree of said difficulty.

So if you're suffering from none to little difficulty, then no to probably not. But if you're suffering or expect to be challenged considerably, then yes (and everything in between).