2007-12-12 00:36:53 · 4 answers · asked by d435659t 1 in Business & Finance ➔ Personal Finance
Have huge negative equity on auto loan, can't sell it outright. I do know if will affect my credit rating but I can't afford this huge payment.
2007-12-12 01:00:16 · update #1
If your thinking of "voluntary return" it still comes back as repossessed. I did that. And then they sold it at auction and I had to pay the difference of what was paid at auction and what was owed which was 6,000!! One suggestion is to talk to your lender, explain that while you cannot make payments, you are trying to find a buyer. They may give you extention for month or so. If there is a reputable used car dealership around they may be able to help you find someone to buy it. Avoid "voluntary" unless absolutely necessary. Good luck.Been there .
2007-12-12 00:43:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will still have the bad credit on your report.
2007-12-12 08:40:11 · answer #2 · answered by Grants a tractor luvr! 6 · 0⤊ 0⤋
well the car will be sold and your Will be liable for difference!!!!
2007-12-16 08:30:27 · answer #3 · answered by mister ed 7 · 0⤊ 0⤋
ask someone frm govt
2007-12-12 08:39:27 · answer #4 · answered by silent&alone 3 · 0⤊ 0⤋