I have a car I need to get rid of. I can afford the payments but some things have come up and Im barely able to make payments. I was going to sell it but I would still owe about 3,800 to the bank. How bad will this hurt my credit if I just give it back to the bank.
2007-10-14 04:27:11 · 3 answers · asked by KMGSP 2 in Business & Finance ➔ Personal Finance
Your credit aside, a voluntary repossession is not a good idea! The reason why is that the bank doesn't want your car. They are not in the car selling business. Therefore they would sell it quickly, probably at an auction for far less than what it is worth. You said you are about 3,800 upside down, you would probably be more like 7 or 8k if you gave it back to them. This is because they would sell it quickly for cheap and then come back and sue you for the difference. You need to try to sell it yourself, try craigslist, the classifieds etc. You can get far more yourself than the bank will get if you give it back to them. Then take a small personal loan if you don't have the cash to pay the difference in what you owe versus what you sell it for.
And yes, it will ding up your credit, but this won't be your biggest problem.
Hope this helps!
2007-10-14 04:35:01 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Sell it yourself anyway. You WILL get more than the REPO auction. Either way, you owe the difference. Selling it yourself minimizes the damage both financially and to your credit history.
2007-10-14 11:50:27 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
well it will be the same as if they repo the car
your credit will be messed up
just buck up and make more money and make the payments
2007-10-14 11:35:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋