I recently purchased an atv. at the time, i could afford it with no problem. but, as my luck goes, i found out recently that i no longer can afford it and will HAVE to get rid of it. i've only ridden it once because this came up and i've been scared to drive it since. it only has 14 miles on it so its pretty much brand new. i was wondering if i took it back voluntarily, will it still hurt my credit? shouldnt they be able to resale it for about the same price since it only has 14 miles on it? very unlucky circumstances for me that these money problems came up right after i bought the atv. somebody please help!
2007-10-28 15:13:17 · 3 answers · asked by dirtychris2205 1 in Business & Finance ➔ Credit
A repo is a repo and it doesn't matter if it's a car or an ATV, it will still hurt your credit and probably your pocket.
Repo's generally sell for roughly around 1/3 to 1/2 of the price. You would be liable for the deficiency balance which will include all of the repo fees.
Even if you take it to them there will still be fees.
If you don't pay the deficiency they will probably turn it over to a collector who may sue if you don't pay. Then you would have not only interest but court costs added, if they win, into what you owe.
You could easily have up to 4 negatives reporting on your reports.
One for the original contract.
One for the deficiency balance.
One for the collector
One for the judgment (if there is a judgment)
You would be better off trying to sell it on your own. Even if you have to pay a portion out of your pocket to pay off the full amount.
2007-10-28 15:29:56 · answer #1 · answered by echo 7 · 4⤊ 1⤋
Repo Atvs
2017-03-02 03:29:34 · answer #2 · answered by camden 4 · 0⤊ 0⤋
Echo is correct as usual.
2007-10-29 02:46:48 · answer #3 · answered by ? 7 · 4⤊ 0⤋