Trying to get rid of my truck?

Question

i recently bought a brand new colorado,ive had it for about 5 months now.i got approved on my own but for insurance purposes i had to put my dad in it too because of that my payment increased.now im trying to move out from their house,i want to get rid of the truck and buy a bike.parents are telling me that if i try and give the truck back it will mess our credit up. is there anything else i can do?

Answer 1

Yes, a voluntary repo will trash you credit and your parent's credit.

You owe more on the truck than you could sell if for. The minute you drove it off the lot, it took a big ole depreciation. You might try finding someone to take over the payments but that could be tricky. Or you could sell it for market value and be prepared to pay a couple thousand to pay off the loan balance.

Or you could stay at home and work on paying off the truck. Five months ago wa the time to think about the consequences of moving out and buying that fancy new vehicle.

Answer 2

So let me guess financed 1005 which means you are so out of equity if is ridiculous, and now on a whim want a bike. You will not get close to what you owe on the truck which means you cannot give a clear title, unless your credit is good enough to have an unsecured loan for the remainder due. If that is possible then you can remove your parents name from the loan, then again that changes you income to debt ratio in getting the financing for the bike. Basically speaking you are being foolish, immature,and irresponsible, and heading for allot of debt and trouble. Rethink your ways, and your needs

Answer 3

Unless you put a large down you are most likely "upside down" (owe more than it's worth). If you "return" it the bank will count it as a repo on your parents credit. They will auction it for far less money and sue your parents for the difference.

Got full coverage insurance??Just leave it in a bad part of town with the keys in the ignition. Or drive it into your local lake. Make sure you have "GAP" insurance to cover any difference in between what the insurance pays off versus the amount you owe.

Answer 4

A repo is a repo whether it is voluntary or not.
Both are major negatives.

They will sell the vehicle for MUCH less than what you owe on it. Then you will be responsible for the difference plus any fees.
Even if you turn it in, there will still be repo fees.

If you fail to pay, they will probably turn it over to a collector.
If you still fail to pay, they may sue.

You could easily end up owing somewhere near what you owe right now.
Plus you could possibly have up to 4 negatives reporting
One for the charged off loan
One for the deficiency
One for the collector
One for a judgment

If you can no longer afford the vehicle, instead of letting them repo it you should try to sell it on your own - even if you have to take a loss that you would have to make up from your own pocket.

Answer 5

You have to sell the truck. You cant return it to the dealer because the dealer doesnt own it. The bank you borrowed the money from owns the truck and they dont want the truck, they want the money that you borrowed. It will be a repo and yes it will hurt your credit.

Answer 6

I would sell the car and just deal with negative equity. If its a brand new truck there shouldn't be much.

For example if you owe 23,000 on the truck and you sell it for 20,000 you will only have 3000 negative equity to make up.

Answer 7

You will be better off to try to sell it for the balance of loan, than to give it back. Do you try "carsoup.com". I've really good things about that site and it's pretty cheap. One time fee until it sells! Try that.

Answer 8

I do not think that it will harm your credit rating if it is a VOLUNTARY return or sale.

As a matter of fact it may improve your credit rating since there will no longer be a large outstanding debt on your fathers record.

Good luck.