2007-04-14 01:50:45 · 11 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
If you do, I'm pretty sure it will show up as a default/repossession on the loan, even if you turn it in voluntarily. It will have a huge negative impact on your credit report, and can stay on there for 5-7 years.
2007-04-14 01:56:41 · answer #1 · answered by Physh 4 · 0⤊ 0⤋
You can give it back bvut it is essentially a voluntarily repossession. It will destroy your credit for years to come. Do you owe the bank more than the car is worth? If not, sell the car privtely and pay off the bank. Even if it is a lease, you can get the payoff number from the bank.
2007-04-14 03:19:03 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
So you want to default on a secured loan. Smart (NOT).
Enjoy your wrecked credit. Good luck ever buying another car, or a home, or getting any other loan for the matter. I hope you don't ever need a hotel room, or a rental car, because you won't have a credit card to put either on.
2007-04-14 10:47:53 · answer #3 · answered by Bill in Kansas 6 · 0⤊ 0⤋
I you return the Car then it will effect on your credit and also on resale value of the Car.
You should find out the Buyer for the Car your self & have good resale value which you can use to pay the loan.
Don't spoil your credit by not paing the installments or returning the car. Sell it your self.
Best Luck !!!
2007-04-15 20:28:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Just consider the option.
If you find a party yourself who will buy your car. the amount it will fetch you.
If you give back the Car the valuation the car company is making for your car.
Consider which option is suitable to you and decide accordingly.
2007-04-14 02:04:16 · answer #5 · answered by shetty b g 2 · 0⤊ 0⤋
Yes you can give it back but your credit goes in the dump. And then what will you drive? you have to go to a buy here pay here to get maybe something less reliable.
2007-04-14 02:08:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can and you will have to pay the differnce between the loan amount and the price that the dealer sales you car for.
2007-04-14 03:19:19 · answer #7 · answered by Anthony M 6 · 0⤊ 0⤋
Hi, I might be interested in taking over your payments. Can you send me some details ie, make, model, monthly payments and cash pay off amount? Thanks. RD, New Jersey
2007-04-14 03:46:10 · answer #8 · answered by Rick D 1 · 0⤊ 0⤋
This is called Voluntary Repo. It will still be on your credit report.
2007-04-15 17:38:28 · answer #9 · answered by Jose 1 · 0⤊ 0⤋
Better option is to sell it and use that money to repay your loan.
2007-04-15 20:08:28 · answer #10 · answered by Abhijeet Mhaskar 2 · 0⤊ 0⤋