2007-10-07 14:10:11 · 5 answers · asked by steadypantoja 1 in Business & Finance ➔ Credit
It's called a voluntary repossession and it impacts your credit the same as an regular repo. The loan company will sell the car at auction and then pursue you for the balance plus all sorts of fees. You'll probably end up owing more than the loan balance.
You would do better to get someone to take over payments or to sell the car even if it's at a loss and you have to pay out the difference in the loan amount.
2007-10-07 14:59:35 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
No. They don't want your vehicle. They want $,
They'll tell you to sell it for the best deal you can get, then use the funds to pay off your loan. They are not in the car business.
2007-10-07 14:20:41 · answer #2 · answered by TedEx 7 · 1⤊ 0⤋
Only in the unlikely event that they are able to sell for more than the balance of the loan.
Highly unlikely.
2007-10-07 16:10:06 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋
Sell it, sell it sell it. Turning it in is a voluntary repo.
2007-10-07 15:22:30 · answer #4 · answered by Anonymous · 1⤊ 0⤋
no no no............... its considered a repo try to sell it or work out
2007-10-07 17:45:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋