2007-10-30 08:54:42 · 4 answers · asked by LOST 1 in Cars & Transportation ➔ Buying & Selling
At 5 months behind, it will be a voluntary repo. They'll claim that they sold it at auction and that they didn't get what you owed, so they will come after you for the rest. This happened to me and I was only 2 months behind. I had to put up with years of phone calls and threats that they never followed up on. I didn't pay, but it did stay on my credit for seven years. You'll have to buy the next one on special credit, which may be even more expensive. I was lucky, the next car I bought lasted way past the payments, but still I paid 6K for a 3K car when it was over, and contrary to what they tell you, it does not improve your credit score.
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2007-10-30 09:02:37 · answer #1 · answered by Kacky 7 · 0⤊ 0⤋
It's going against your credit as a repo regardless of how it gets turned in. You can drive it in or wait until they come and get it, it doesn't really matter. At this point, 5 month's late, it's going down as a repossession.
And they can and will sue you for any lose they take from reselling the car. If you owed $10,000 on the car and they can only get $7500 for the car at the auction, you will owe them $2500. They will take you to court to get it back if they have to.
As far as getting another car loan with lower payments you can forget all that. Fresh off a repo you aren't getting a loan from anybody unless the interest is 24% and the payments are weekly.
Your best advice is to save some money and pay cash for a cheap beater. That repo won't be removed from your credit report for at least 5 years.
2007-10-30 16:23:47 · answer #2 · answered by mccoyblues 7 · 0⤊ 0⤋
IF YOU RETURN THE VEHICLE THAT YOU ARE 5 MONTHS BEHIND ON PAYMENTS THEY WILL GIVE YOU WHAT THE VEHICLE IS WORTH AS A TRADE IN ONLY.
YOU WILL ALSO BE RESPONSIBLE FOR THE 5 MONTHS THAT YOU ARE BEHIND AS WELL.
IF BY CHANCE THEY SELL YOU ANOTHER VEHICLE WITH LOWER MONTHLY PAYMENTS THEY WILL ADD THE DIFFERENCE PLUS THE 5 MONTHS TO THE NEW VEHICLE THAT YOU BUY.
THIS WILL THEN BE AS HIGH OR HIGHER THAN YOU ARE PAYING NOW, SO IN OTHER WORDS YOU WILL BE UPSIDE DOWN.
2007-10-30 16:02:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
better do it before they repo it in the middle of the night. which is what is going to happen very soon. if you're 5 months behind on this one, are you under the impression this won't be on your credit report? your rates are going to be higher not lower b/c of this and your score will most certainly have gone down.
2007-10-30 16:03:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋