2007-10-01 11:47:34 · 19 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Sell it before they can repossess it. That way, you can pay off the bank before your credit is ruined.
TX Mom
not an expert
2007-10-01 11:50:29 · answer #1 · answered by TX Mom 7 · 1⤊ 0⤋
Your best bet is to speak to the finance co. who provided the
money to enable you to buy the car on terms.They will advise you on the best steps to take.Some are very understanding & will allow you some leeway, others are more strict - and do not.
If your money problems are long term, then it can be difficult for
arrangements to be made to ease the financial burden. But if you are due to start a new job in 1 month, then they will help by
reducing or halting payments - for a short period - to allow you to get back on track. You do realise - however that by handing back a vehicle, it does not release you from the contract or
the payments. If you owe 20,000 balance on the car and you return it because you can no longer afford it, then they can sell it by auction or other means. If it is sold at less than the balance (20,000) then if it only makes 12,000 - then you must
repay - or make good the rest - i.e. 8,000. It is sometimes better to legally sign the car over to another person ( with the permission of the finance company) in this way you are off the hook and the other guy takes on your burden, at a cheap price.But you lose all the monies that you have paid to date,
and you don't get a bean in return. But if it stops you getting gray hair, who cares.
2007-10-01 12:07:45 · answer #2 · answered by donasia2001 2 · 0⤊ 0⤋
If you let your car go back to the dealership/ who ever gave you the loan on it, it will make your credit score decrease. You would be better off trying to sell it for what's left owing or try to find someone to take over the payments and just get out of the deal and get a cheaper car that's more affordable for you.
2007-10-01 11:52:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you can't afford the car, try to sell it for as close to what you owe on it as you can and get it off your back. Then get another car.
If you let it go to repo, you will damage your credit and won't be able to get another car loan anytime soon. You will have to pay cash for old used cars until your credit cleans up. It would take some years.
Post that question to a lawyer in the legal section here and see if overcoming a repo is harder than overcoming bankruptcy and foreclosure. I have had to overcome b and f.
2007-10-01 11:51:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You will have a bad mark on your credit, and the bank could make you responsible for the difference on what they sell the car for & the balance you still owe on the loan. Get a 2nd job . & next time buy a car you can afford instead of what the car looks like. You can get to the same place with a Ford Focus as you can with a Mercedes Benz....
2007-10-01 12:00:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
This has been asked so many times here. You would have a reposession on your credit report and the rate you pay for future credit would go up. You would also be responsible to pay off the difference between what you owed and what it sells for at auction. It is never a good idea to let it go back unless it is absolutely the last resort.
2007-10-01 13:00:01 · answer #6 · answered by Otto 7 · 0⤊ 0⤋
From what I read on here it's better to see if you can sell the car for as much as you can get for it and put all that money towards the car and re talk payments to your leander to see about a lower payment if you take it back it might just ruin your credit.They will have to re-sell your car and they can sue you for the differance.
2007-10-01 11:52:53 · answer #7 · answered by Crazy cat lady >^ ^< 4 · 0⤊ 0⤋
the company sells it and you make payments on the difference between what you owe and what they sold it for, which is usually very low because they sell it at auction, so they sell it below its value.
never ever ever a smart idea. skimp somewhere else, and save your car untill you have no negative equity in it, then get rid of it for something less expensive.
2007-10-01 11:50:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Refinance it if you can. E-loan is a great place to start if you have moderately good credit. But, that depends on how far along you are with your payments.
2007-10-01 11:52:33 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Its better to surrender the vehicle less fees such as repo fees and storage. They will make you pay for it of course still.I believe they sell the vehicle and take it off your bill and you pay the rest.
2007-10-01 11:51:13 · answer #10 · answered by Anonymous · 0⤊ 0⤋