2007-07-10 12:51:05 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
The car dealer has nothing to do with it any more. They sold you the truck, the bank paid them with money you borrowed from the bank..
If you turn the truck in, it will be considered a voluntary repossession. The only difference between a voluntary and involuntary repossession is the amount of trouble the bank has in getting the truck back.
They will take the truck, and sell it. If you owe more than the truck brings at auction (after they deduct the fees and costs of sale) you will be liable for the difference. They can garnishee your wages, or seize your bank accounts, after they file suit against you. The repossession will be on your credit for at least 7 years, and any judgment can remain until 7 years after it is paid! You will have a hard time getting financed for another vehicle. If you can get another loan, you will be looking at very high interest rates!!
If you can not make the payments, your best bet is to try to work something out with the bank, where you sell the truck, and convert the balance to a personal loan.
Good luck!
2007-07-10 13:33:31 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
The dealer won't take the truck back. If the bank does it's called a repo and it will seriously damage your credit.
2007-07-10 16:27:07 · answer #2 · answered by mccoyblues 7 · 2⤊ 0⤋
I think you left the 'r' out of your name. This should only be a last resort. It will damage your credit for several years, and if you turn it back to the bank, you are still going to owe them money. You most likely owe more than the actual value of the car, and certainly a lot more than what the bank will sell it at auction for. The difference between what they sell it for and what you owe is going to come from your pocket.
2007-07-10 13:16:40 · answer #3 · answered by Scott H 7 · 3⤊ 0⤋
It goes against your credit. Its a really bad move since it will make if VERY difficult for you to get anything on credit and takes a very long time to build it back up
2007-07-10 13:01:42 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Even a voluntary repossession will screw up your credit for a long time.
2007-07-10 13:00:40 · answer #5 · answered by Aldo the Apache 6 · 2⤊ 0⤋