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goyo | What happens to my credit if I give my truck back to the bank? |
I still owe about what it is worth and I could save the hastle of trying to sell it by just giving it back to the bank. |
 |
 
echo
 |
A repo is extremely bad. Better to sell the truck than have it repo'd. I'm not just talking about your credit, I'm talking about you will probably end up having to pay somewhere around 1/2 of what you currently owe - and not even have the truck.
What will happen when you let them repo a vehicle:
1. They will sell the vehicle for somewhere around 50% or 60% (if you are lucky) of what it is worth. (not what you owe - what it is worth, which is probably less than what you owe)
2. They will have repo charges that will start to add up. Cost of repoing, cost of prepping the vehicle for sale, cost of transport to the sale, + cost , + cost , + cost...........
3. They will come after you for the deficiency balance after they sell the vehicle. Which could be 40% to 50% of what you originally owed. PLUS all of the added repo fees, which could be a couple thousand $'s (more or less)
4. If you don't pay voluntarily, they will probably sue. (which will raise the cost that you would owe)
My advice, go through the hassle of selling it. Even if you have to take a bit of a loss on selling it, which you will have to pay to the creditor as soon as you sell the vehicle. It is still better than dealing with a repo.
I'm including a couple of links. One is to the Illinois Legal Aid that describes what to expect with a repo. Even though it is from Illinois, the basic's of a repo are the same
You should research your own states statutes concerning repo's.
edited to add: If you go ahead with the repo, do not sign anything!!! You may sign your rights away if you do. |
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TracieLacy
 |
Your credit score will go down. Anytime the bank repossess your assets, they will report it if they haven't already. Besides that, you must think about your future. Anytime you need a loan, whether it be mortgage, consumer, or just a regualr car loan, they will look at your previous loan history. I recommend not letting that happen. Sell your truck...get cash for it and pay it off. The hassel will end up being less of one in the end. |
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Marilyn Monroe
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Good question... i'm curious to know this as well.. though I'm pretty sure that it does mess up your credit. |
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answermonkey
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Banks don't make money by accepting trucks into their garages, they make money by making loans and getting interest on them. The transaction will be shows on the credit as reposession, and will seriously hint any future creditor in 7 years from now that you should not be trusted with serious money. I.E. your credit score would take a serious dive. |
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Mama Pastafarian
 |
The bank will sell the truck, and probably won't get as much for it as you owe. You will then be sued for the deficiency balance. |
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Caligurll28
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your credit is pretty much in the hole, for a very, very long time. for now i would suggest to call around as many banks to see if they would refinance. good luck!! |
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jstlttllm
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it goes bad for 7 years |
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bayareasportsfan
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It will sink like a rock. A repo is a repo no matter if you return the vehicle or the bank picks it up. |
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slagathor238
 |
The bank doesn't want your truck. They want their money. It is considered a default on your loan and the truck is considered a voluntary repossession.
Sell the truck and pay off the loan. |
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Donna S
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It will be reported as a voluntary repossession. If there is balance left on the loan after the unit is sold, you would more than likely still be liable for the deficiency balance. You should try and sell it outright before taking the steps of a repossession. Repossessions stay on your credit report for 10 years not 7 years |
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