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Tommy J | If i let my bank take my car back will it come up on my credit report as a repo? |
I cannot afford my car anymore and I want my back to take it back without my credit being punished |
 |
 
Cali-Gal
|
If you voluntarily give the car back to the bank, it will show up on your credit as a voluntary repo. It will ding your score pretty hard at first, but over time it will SLOWLY improve. You are better off trying to sell it outright to get out from under the wieght of the payment. |
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Gordon S
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If you let the bank take it back, it will show as a repo, maybe you should try selling it first. |
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Mr. Prefect
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Sell it first, pay off your loan, or you will get a bad credit rating. |
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stan c
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A repo is a repo, no matter how you do it. Try selling the car, If there is not enough to pay off the balance, get a loan for the difference. If you allow them to pick it up, they will sue you for any deficiency balance. You can also try to go to a car dealer and see what they can do for you. Best of luck. |
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alex
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as most others have mentioned, a voluntary repo will still appear on your credit report. to avoid that, sell the car yourself and pay back the loan early. of course you may not be able to sell the car for enough money to pay back the bank, so you can also try refinancing. |
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El Conquistador
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It will show as a negative on the report. Try selling it to carmax they buy cars. But don't expect to get what you still owe on it. If you have to pay the difference of what someone(carmax) will buy it for then do so if you want your credit to be in good standing . IF you cant afford the difference then let it go and try to rebuild the credit in the future. Last don't buy things you cant afford. |
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Spirit
 |
yep, bad credit for a bit. u can fix it slowly then buy a used car cash then u don't have to worry about it. |
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thoughtwords
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Yes. The same applies to turning a leased car in before the end of the period. The best option for you is to find someone to take over the payments or to sell it for what is left owing on it and clear the debt. Some banks will allow a refinance which should lower the payments, and there is also the possibility of using a home equity loan or similar low-interest, long-term loan to pay off the auto loan. Another option is to trade it in for a significantly less expensive car. Examine your situation and determine which works best for you. Best luck! |
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gw_bushisamoron
 |
yes, a repo will show up on credit reports.
talk to your lender. they don't want a non-performing loan any more than you want a repo.
see if they'll refinance at a lower payment. chances are they will unless you are just way too far upside-down in your car.
a bad settlement is better than a bad credit rating. |
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w00189wr
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it's a voluntary repo but still counts as a repo |
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LittleBarb
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If a bank takes your car back as a repo or you GIVE it to the bank voluntarily, here is what will happen... first off, YES it puts a 7 YEAR blemish on our credit report---that won't go away for 7 ENTIRE YEARS and will most likely lower your credit SCORE by 150 POINTS... ... then, the BANK will sell the car probably at an auction and whatever the difference is between what the car SELLS for and what you OWED is what you will THEN be liable to pay.... in other words... you owe $10,000 on the car---you hand it back--it gets auctioned for $7,000...... you WILL be liable for the $3000 difference and MUST pay the bank... so either way, you will be paying the bank SOME (if not ALL ) of the money you owe on the car. IF you have kept your payments TIMELY thus far, go to the bank and see if they will refinance it at a lower rate... it would be like starting the loan all over again and it would give you maybe lower payments.... no harm in trying. |
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success4hannah
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There are steps you can take to educate yourself as to what is the best procedure to follow. It may be that a consolidation loan is right for you, or there might be other avenues open to you that you haven't considered.
This may be a place to start:
http://InsiderReports.com/product.asp?Item=101013WS&ChanID=prd&pid=1006&a=30010293&p=x
Hope this helps. |
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Derail
 |
Oh yeah. If the bank takes your car back, that'll haunt you for a long time. Best to sell it, and pay off what the sale price of the car doesn't cover to the bank. It's financially painful, but you can get money in the future from any bank without being "low-browed" by the loan guy. |
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