I purchased a car from a bhph do they report to credit bureaus and if I no longer wanted this car could I take it back without anything strings being attached?
2007-09-21 04:42:57 · 5 answers · asked by Lucianna C 1 in Business & Finance ➔ Credit
Auto finance is what I do for a living and over 90% of these places do not report to the credit bureaus unless you default on the loan then they will report it as a repossession.
If you want to take the car back, contact them and work out a written agreement where they agree to not report it as any type of derogatory account.
If they will not agree to this, you have your answer as far as what they will do if you default on the loan.
2007-09-21 05:07:12 · answer #1 · answered by ? 7 · 1⤊ 0⤋
Only if you are dealing with primates.
Your credit sucks, which is why you actually went to a "bhph" in the first place. Some of them will report to the credit bureaus, but even if they don't they can still take you to collections over your car.
Do you actually think they could stay in business if you could just return a car with no strings attached? They want to make the megabucks off the crap auction jalopy that you bought from them.
They would take the car back, repossess it legally, sue you for the difference, wreck your already miserable credit, and THEN SELL THE SAME CAR TO ANOTHER IDIOT!
Pay your damn bills and be responsible. It's people like you who make it hard on the rest of us who actually keep our word!
2007-09-21 05:19:58 · answer #2 · answered by monkey tuesday 3 · 0⤊ 2⤋
These places prey on people. They charge you unbeliveable interestes rates, do not report the payment history if you are on time, but will nail you in a second for one day late. They will repo cars for little or no reason and sue you for the entire price of the car.
I doubt they will take the car back with our calling it a voluntary repo. Ask them but my guess is that is what they will tell you
2007-09-21 04:52:06 · answer #3 · answered by Jason W 3 · 1⤊ 0⤋
They probably don't report to the credit bureau. Typically they don't bother with credit checks when you buy.
Ask them if you can take the car back. They may have all sorts of fees or they may negotiate a settlement. Chances are, it won't be to your advantage.
2007-09-21 04:48:56 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋
The one that I worked at would give the customer a letter to send to Equifax. That was how we reported good credit. If the car was repoed or damaged upon voluntary repo, we reported it as repo. If they agree to a voluntary repo, get it in writing, and see if they will give you a signed statement that they will agree not to apply it to your credit.
Good luck!
2007-09-21 06:18:46 · answer #5 · answered by Tammi B 3 · 0⤊ 0⤋