so if i was to get my car repoed and i pay all these fees will it still go on my credit report and affect it negatively? Also, is there anyway that I can turn it back into the dealership and work out something to pay off the remainder of the loan. The truck was bought at a new car lot. Thank you
2007-12-21 07:21:45 · 12 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
YES!
2007-12-21 07:24:40 · answer #1 · answered by Tim C 7 · 1⤊ 0⤋
Do everything you can in order to avoid having your car repoed -- even if you pay the fees, it will still go on your credit record. Go talk to someone at the dealership where you bought the car to see if you can work something out with them. There might be a way to voluntarily turn in the car that would not be seen as the same as having it repoed.
2007-12-21 07:25:34 · answer #2 · answered by mari 4 · 0⤊ 0⤋
You should try to get your car back first, then work out a different payment plan with the dealership. See if you still have to make payments on a car, that you do no longer have that will suck. If this is your first time having your car repoed, then make sure after you have paid all the fees, that they take it off your credit report, because they will not if you are no strict about telling them to do so. So good luck with that.
2007-12-21 07:30:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
YES.
A repossession on a car is similar to a foreclosure on a home. It can stay on your credit up to 7 years, and has a very negative impact.
Think of it as a blinking sign on your credit that says "I WENT IN OVER MY HEAD AND COULDNT AFFORD THE LOAN".
Try to work with the dealership first, though most will not and cannot take back a car if you didn't get the loan through them (IE, if you went to a local bank for your loan and not through say, Chevy Motor Finance, there's nothing they can do).
They *might* buy it back from you, but they will *not* buy it back for the full amount of your loan.
2007-12-21 07:28:23 · answer #4 · answered by kt_b_blue 3 · 1⤊ 0⤋
you need to settle with who ever gave you the loan (or the collection agency that owns it now). It will still be on your credit, but its better than not paying any of it. you maybe able to work something out with the dealership if they are the ones who gave you the loan.
PS a willful repo is STUPID! you still pay for something you dont own. AVOID it if you can!!
2007-12-21 07:38:10 · answer #5 · answered by sarajane 2 · 0⤊ 0⤋
Anything you do outside of making your regular payments or paying it off early will affect your credit negatively. I went through this and the bank's stance was that I shouldn't have agreed to it if I couldn't actually afford it. They really only care about getting the money you promised them. They will not work out another payment plan without taking the car and putting negative info on your credit.
2007-12-21 07:26:28 · answer #6 · answered by bainaashanti 6 · 0⤊ 0⤋
YES, A willful repo. is still a repo. The only good thing is that you will have the opportunity to explain in the future.
2007-12-21 07:26:05 · answer #7 · answered by ~ Floridian`` 7 · 0⤊ 0⤋
No mater what you pay, if it is a repo it will be on your credit.
I doubt that the dealership will help, but you might call the finance company and work something out.
2007-12-21 07:25:38 · answer #8 · answered by Anonymous · 1⤊ 0⤋
It will go on your credit report unless you hand the car back voluntarily after the halfway point of h.p. If you have paid more than half of the hp then you receive no bad points.
Good luck (UK law)
2007-12-21 07:26:06 · answer #9 · answered by MICHELE C 3 · 0⤊ 0⤋
Sounds like a question for the dealership.
2007-12-21 07:24:31 · answer #10 · answered by Anonymous · 0⤊ 0⤋
ive done exactly that once when they worked a deal with me and they let me pay a the remainder + fees
2007-12-21 07:27:14 · answer #11 · answered by apple heyyy!!! 1 · 0⤊ 0⤋