cannot afford the pymnts anymore.bank will not take the vehicle back...i tried selling the car but potential buyers say its to much..what can i do to get out of this ..
2007-09-07 16:15:30 · 9 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
If the bank takes it back, they sell it at auction. They then collect from you any shortfall. In other words, if you owe $10,000, and they get $7,000, you immediately get a bill for $3,000. You can likely sell it for more than the auction, but, of course, you would have to come up with any shortfall immediately or you wouldn't get the title cleared.
2007-09-07 16:26:09 · answer #1 · answered by Fred C 7 · 0⤊ 0⤋
See if you can Refiance it thur the Bank that you had the loan in the first place, of course they don't just go around refinancing everone...Number one thing :
Do you have any equitiy built up ?
If not then basically you better put your best up front !
And then
explain the hardships that your having , making ends meet ....then the chances are much better, Bank or loan places would rather work some sort of an agreement that wood be better for All involved, they don't want to loose a Contract , just remember that they also loose out... monies plus time ( picking up vehical/ driver /auctioneer ) etc etc etc
there is alot involved and no one comes out ahead.....So just clear your thoughts & know inadvance exactly what your going to say, practice makes perfect & with a I can do it additude and become the saleman of the year :)
GOOD LUCK...for real :)
2007-09-07 17:33:04 · answer #2 · answered by lupezzzz 1 · 0⤊ 0⤋
The last thing you want to do is give it back to the bank. It will show as a repo on your credit report and you will have a lot of trouble getting another car. If you really can't handle the payments then try cutting some costs to make them. Stop eating out, rent movies at the library instead of blowing 20-30 bucks at the movie theatre, Cut down on things you really don't need.
2007-09-07 16:26:16 · answer #3 · answered by Mackabee 1 · 0⤊ 0⤋
The bank has to take it back, they will not want to, but if you can't make the payment, and you dont want to default on the loan, it is called voluntary reposession. The bank will then put it up for sale usually for the amount that is owed on it. It will go on your credit and, im sorry to say this, it will have an affect on any future purchase or loan when a credit inquiry has to be done. Some people think that it doesn't affect your credit when a voluntary reposession is done, it does indeed, But it is better to return it than default on the loan. I speak from personal experience in my younger years.
2007-09-07 16:29:19 · answer #4 · answered by bobby 6 · 0⤊ 0⤋
have the bank repo the car the bank will then sell the car and you will be responsible for what is the balance. or you can tell the bank you are returning the car as a willing repo and this will not go on your credit
2007-09-07 16:24:11 · answer #5 · answered by GAIL D 2 · 0⤊ 0⤋
The bank has to take it back. it's called a voluntary repossession. They don't WANT to, but they do HAVE to. You need to talk to someone higher up in the chain of command. This WILL affect your credit. But not as badly as defaulting on the loan entirely.
2007-09-07 16:21:19 · answer #6 · answered by Quietman40 5 · 0⤊ 0⤋
Go into the worst part of town, leave the keys in it and the windows down. It will come up missing and if it is totaled the insurance company will pay it off in some cases
2007-09-07 17:44:56 · answer #7 · answered by Dani&Morgan 5 · 0⤊ 1⤋
If you stop paying the payment the bank will come take it back. That will ruin your credit. But if that's all you can do just stop paying the payment.
2007-09-07 16:24:13 · answer #8 · answered by Joe T 4 · 0⤊ 1⤋
voluntary repo they will pick up car sell it you pay the difference.and can make payments.contact the finance company look better on your record then.a normal repo.
2007-09-07 16:29:43 · answer #9 · answered by Anonymous · 0⤊ 0⤋