1995 mustang, i owe more than car might be worth, havent been able to sell it, should i have it volintarily repoed? how long and how bad will this affect my credit>???
2007-04-05 23:32:05 · 6 answers · asked by nancy drew 2 in Cars & Transportation ➔ Buying & Selling
Continue making payments, and trying to sell your car. If you do return the car, you will be responsible for the difference between the cars wholesale value and the value you owe. Sell it on your own and you'll only owe the difference between the retail value and the money you owe. This could amount to several thousand dollars.
I can't stress the point that a voluntary or involuntary repossession is NOT a good idea. It will effect many aspects of your life for many years to come.
Good Luck!
2007-04-06 04:26:06 · answer #1 · answered by jay 7 · 0⤊ 0⤋
Sorry, but if you can't pay for it now, why do you think you will get a better deal if you refinance? The $2100 isn't going to magically go away. Trading the car in will also result in the same thing. They want their $2100. So you will still owe that, plus whatever you will owe as payments on the new car. Call the finance company, tell them you are willing to give them the car back, but you want to negotiate what you owe. The finance company has to pay someone to repo your car, you can at least save that. And next time when you buy a car, make sure you can afford it. Sorry to sound like your parents, but that's the way it is.
2016-05-18 03:34:59 · answer #2 · answered by ? 3 · 0⤊ 0⤋
The answers you've gotten are correct. Getting a car Repo'd will definitely hurt your credit big time.
How much can a 12 year old Mustang be worth anyway?
My suggestion is to find a way to continue making those payments. Get a 2nd job if need be.
2007-04-06 04:34:55 · answer #3 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
At least 7 years and it depends on your current credit rating. Personally I would not put the reposession on your credit. it will haunt you. See if there is someone who would be willing to take the payments over or just keep trying to sell the car.
2007-04-05 23:36:22 · answer #4 · answered by gearnofear 6 · 2⤊ 0⤋
Sell it to Carmax..... they buy any car, even FORD crap. But you will have to come up with the difference.
Borrow, take cash advance from credit card, get a loan.... anything's better than repossession because it'll ruin your credit for 7 years. Plus you'll end up have to pay the difference anyways.
2007-04-06 05:08:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
vol. or invol. = the same thing. 7-10 years depending on your state, they all vary. if you can't afford, you may wanna look into bancruptcy. that way you may be able to get rid of alot of bills and it's better than repo. they can't put a lien on you. it stays on your credit about the same amount of time as a repo.
2007-04-05 23:42:33 · answer #6 · answered by Tammy 3 · 1⤊ 1⤋