Turning my car back in-voluntary repossession?
Friday, March 5th, 2010 at
8:00 pm
I cannot seem to be able to afford my car anymore, it is $495 a month. And I don’t want to stress myself with payments anymore and just accept circumstances. I know millions of people are in such predicament. If I buy a cash car, how long in how exactly would such repo affect my life? Since millions are losing cars and homes, at some point lenders will still have to sell homes to those with flawed credit to sell at all.
Should I cut my losses now?
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Tagged with: Circumstances • People • Predicament
Filed under: House Repossession
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>> Turning my car back in-voluntary repossession?
Voluntary or not, it is equivalent to defaulting. That will ruin your credit score.
Find a way to sell it and pay the loan back.
good Luck…
A voluntary repossession is still a repossession. They will sell the car at wholesale and sue you for the difference. I would try to sell it to someone else you may have to get a loan to cover the difference between the amount you owe and the amount you sell it for. But that is better than a repo on your credit.
The biggest mistake you can make right now is turning that car in and ruining your credit with a repossession. Why don’t you just sell it? Even if you sell it for a loss and have to take out a secondary loan to pay off the balance it’ll be a heck of a lot cheaper for you in the long run than taking the hit for the repo.
Call the lender and discuss your options but DO NOT let that car get repossessed.
I know your probably upset but “millions of people” are NOT losing their houses and cars. Maybe the numbers are high, but it’s nowhere close to millions. The economy is in rough shape but it ain’t that bad.
less than 1/2 a percent are losing there homes and cars. Not nearly anough to just “have to sell to anyone”.
Do you understand that if you turn the car in to the lender, you still owe them the money? The debt won’t disappear. Oh they’ll sell it at a discount to move it quickly and you’ll get a bill for the difference. Get another job, do whatever you have to but try to keep the car and salvage your credit rating.