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Additional Details
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louaco | Should i just send my car back t the bank if im tired of paying for it?i hav another car that would do the job |
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echo
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I agree with the other posters, the best thing you can do is to sell the car yourself and pay off the loan.
When dealing with a repo, you can expect the vehicle to sell for somewhere around 50% or 60% of what it is "worth" (if you are lucky) Just an example, if you owe 11,500 on the vehicle and the book price for it is 10,000, expect the vehicle to sell for somewhere around 5 or 6 grand. Which would leave you with a 4 or 5 grand deficiency to pay.
Not only will you be liable for the deficiency, you will also be liable for all of the repo fees that get tacked on. Those fees can get quite hefty, you could be looking at paying an extra grand or two in fees alone.
With that amount of money on the line, they will probably get around to suing you if you don't pay. So, you would add court costs and legal fees on to the total.
It can get pretty expensive to pay all of that, and not even end up with the vehicle. |
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dougzinboston
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If you return the car, it is considered a "voluntary reposession". Even though you're in good financial health to pay for it and jsut don't want to anymore, it will still be legally classified as a reposession. It will also be listed on your credit report for the next 5 years as a repo and will give a nice kick in the gut to your credit score. On top of that, if your second car craps out and your forced to buy another car, no dealership will be willing to look over the fact that you have a repo on your credit. If you still get approved for the car loan, your interest rate will be MUCH higher than if you sold the car and just paid off any difference on the loan. This will also affect your intrest rate on everything else you apply for since the repo will flag you as a more risky liability. Best thing to do is sell it for as much as you can and pay off the difference, or if you can get someone to make the payments for you and take possession of the car. Be wary though, if they get sick of paying for it too and decide to stop, it will all end up on you in the end. |
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JoeSchmoe06
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If you're tired of paying for your car, then sell it and use the proceeds from the sale to pay off your loan with the bank. |
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sunshine
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yea just park it out side of the bank with a note on it saying Im tired of paying for it you can have it back :) |
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Judy1
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If you just default on your car loan, it will mess up your credit rating, plus it's possible you would still end up owing some of the balance. Don't do that unless you don't have a choice. |
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BeenThereDoneThat!
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The funny thing is that if you give the car back it will be considered voluntary repossession which is still as bad as repossession itself so really the only way you could save any amount of money on the deal would be to go to the bank that financed the vehicle and ask to pay off the entire loan at 10% to 20% off for early pay off, You may be able to get over just by telling them you are in financial trouble and you cant afford the car but you don't want to hurt your credit rating with them by giving the care back also explain to them how much you like the bank and how you look to do future business with them. Hopefully it works! |
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Justsyd
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It would be best to find someone to take over payments and let them pay it off for you (someone you know and trust) rather than to have it on your credit report. You might be able to sell it without a clear title, but I'd check on that. |
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I love the flipflops
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If you want it on your credit report for 7 years. Hope you don't want to buy a house, another car, or anything else where you would have to pay with credit. 7 years is a long time and you don't know what might happen in that time.
Could you try to sell it? |
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Knock Knock
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Just sell it! |
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