I had bought a car at a dealership through an in-house finance program and have about a year and half left paying it off, If I decided not to keep the car and let them have it, will this show up on my credit? I know through this program, me buying this car doesn't show up, but I wasn't sure sending it back will.
2007-06-08 08:46:41 · 9 answers · asked by prima ballerina 2 in Business & Finance ➔ Credit
Billie---if you don't have anything intelligent to say besides "you are an idiot", maybe you shouldn't be answering people's questions. Why is that your only answer to anything? Here's a new line for you--You are a dumb ***!!
2007-06-08 11:32:15 · update #1
Auto finance is what I do for a living and this is the bad thing about buy here pay here places.
They will not report your payments to the credit bureaus because they don't want you to be able to go anywhere else to buy a car. But when you don't pay them, guess what? Then they report it as a repossession and your credit is trashed.
2007-06-08 08:52:29 · answer #1 · answered by ? 7 · 3⤊ 0⤋
Yes it will. It will show up as a voluntary repossession. Places like JD Byrider have in house finacing through CNAC, then they nail you if you let it go back. Whomever you went through, yes it WILL show up on your credit report and do major damage, and it is more than likely you will be sued for the remanding balance on the vehicle.
The car lot is not required to report to the credit bureaus when you make your payments, but do if your late...or give it back.
2007-06-08 15:52:37 · answer #2 · answered by wisconsindeathtrip03 3 · 0⤊ 0⤋
If you let the dealer reposses the car, they will sell it at auction. If they get less than you owe on the car, you will still owe the difference. If you don't pay, it will show up on your credit report.
If you don't want the car, try to sell it.
2007-06-08 15:50:45 · answer #3 · answered by regerugged 7 · 0⤊ 0⤋
if it's repossessed, like you just stop paying and they come with a tow truck and get it, it will show up as a huge red mark on your credit. Your score will plummet.
2007-06-08 15:54:38 · answer #4 · answered by dahlia 4 · 0⤊ 0⤋
If it leaves you owing them money, it can be reported as a bad debt, which will affect your credit.
2007-06-08 15:49:53 · answer #5 · answered by Laura S 2 · 0⤊ 0⤋
in most cases "yes" that will damage your credit. That is what is known a "voluntary repossession"
2007-06-08 16:37:39 · answer #6 · answered by Teal Blue 2 · 0⤊ 0⤋
Yep it will. You better sell the car.
2007-06-08 16:25:07 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You are an idiot.
2007-06-08 16:31:50 · answer #8 · answered by Anonymous · 0⤊ 1⤋
no, don't do that... sale it and the money u get give it to the dealer
2007-06-08 16:07:09 · answer #9 · answered by shorty21 5 · 0⤊ 0⤋