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sweetina35 | How do i get out of my car payments? If i let them repo it, will i still owe the company the $ on the car? |
I bought my car 2 years ago brand new with only 7 miles on it, and i was making monthly payments on it just fine. But recently i had a child and my child's expenses are costly to a point where i can't make monthly payments on my car anymore. Of course i would rather get rid of the car than my child, so how do i do that? I don't really mind if letting the car get repo-ed, will affect my credit cause i've already bought all the things a good credit rating is convenient for. The only thing i'm worried about is: will i still owe the company some money or the full loan amount if i let them repo it? Or will i get out of the loan completely? Also will it affect all my other payments such as mortgage, student loans, credit cards, etc.?
Please help me.
By the way, the car has 62,000 miles on it now if that's at all important. |
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Aniruddha N
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you may have to make the payment for the balance amount which will be there after repo also. |
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Carol
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duh.. sell if for the amount you owe on the loan and pay it off. just because u dont need good credit now, you will in the long run. |
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maybuns_2000
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Definitely try and sell the car, because you're responsible for the loan, no matter what. I did the same, and it sticks on your credit report for a long time, and will affect your credit score. |
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PJ
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Try to sell the car and pay off the loan. Yes, you will still owe even if they repo the car. Maybe you could refinance to a lower payment. |
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Tim
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You will still be responsible for the balance of the loan.
They will sell the car at auction. if it does not bring in enough to cover the balance, and repo fees, they will come after you for the difference.
Your credit card interest rates can go up when they find out your had a repo. You will have a harder time refinancing your mortgage or buying a nother car in the future. |
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wisegirl74
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When the car gets repossesed the bank will try to sell it and what ever is owed in the car after they sell it, they will go after you for that difference. So to answer your question yes. If you can sell it yourself it will be better. or better yet sell the account too. |
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RD
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Yes, even after they repo it you will owe the money. And as far as having everything a good credit report is good for ....that's just insane. You can say, for the REST OF YOUR LIFE you will never want to buy anything else ???
Try to sell the car outright to someone, for what you still owe. |
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Softball Mom
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Letting it get repo'd is not the way to go. If the company can't sell it for enough to satisfy the loan, you will owe the rest. Either sell it and pay off the loan or try to refinance your loan to a payment you can afford. |
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Andrea
 |
The best thing you can do is try to sell the car yourself if doing that will cover what you owe. If you let them repo it, there will be additional fees for them doing that and yes, you will still owe whatever is on the loan.
Find out what the balance is on the loan. Talk to your financing company and explain the situation. Ask them what options they can offer.
Go to kbb.com and find out the value of your car - your mileage is high for a 2 year old car and that will affect the value.
Check your local ads with cars for sale and see if you can find something similar to see what the price is. Then put an ad yourself to sell your car if that's the best thing to do.
As for ruining your credit, that's a very bad idea. When you signed for the car loan, did you know you were going to have a baby in 2 years? What do you think your situation might be 2 years from now? You don't think you're going to need good credit in the future? Think about it.
Good luck. |
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Wes
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If the car is repo'd they will go after you for the difference when sold, also your credit card interest rates will go up. Revolving credit (like credit cards) agreements usually have a stipulation that they can check your credit (called a soft hit) in a way that won't hurt you. It may be another option but you may be eligible for a skip a pay program to have a month without the payment. It usually helps people get back on their feet and the payments are usually easier after that. Also, with the amount you have paid on it you could try to refi the car bringing down the payment. You may also return the car to the Financial Institution in question, it is called a Voluntary Repo. Usually it is a hair, but not much, better than an involuntary. Hope things get better. |
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Tomel
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Yes, you will owe the difference between the loan balance and what the bank gets for the car. In addition, you will probably owe some penalties and the bank's collection expenses.
Absolutely sell the car yourself. Banks are not in the auto business and will probably immediately sell the repoed car at or below wholesale just to be rid of it. By selling it yourself, you're almost assured of getting a better price than what the bank would, assuming you make even a modest effort on the sale. You're going to owe the difference anyway, so why not minimize that difference.
Also, while you may not be concerned about your credit right now, did you think about emergencies? Especially with kids, you can't predict when you'll need some extra cash and if your credit is shot, you're in big trouble. |
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U.S.A. GAL
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Get a 2nd person to take over the payments and buy the car. Get a contract.
Maybe CarPro or CarMax can sell your call for you. |
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4532
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If your car is repossessed, they will sell your car at an auction for pennies on the dollar. They will then hold you responsible for the difference between how much you owe on the car loan and what they sell it for at auction. Find out what your payoff is on the car and what the market value is (go to kelly blue book KBB.com). You will most likely get more by selling it yourself than what the finance company will at auction. The only complication is that you will have to be able to pay off the loan before you can transfer the title to the new owner. |
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kate
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After the car is repo'd , the lender will try to sell it .
If they only get a $100 , that will be credited against your balance and you will owe the remainder of what you contracted for on the loan .
Better to first try and sell it yourself and see what the difference is between that and what you owe .
Yes , any unpaid balance and the repo will go on your record , drop your FICO and cause your % rates to rise .
If your mortgage is an ARM , it could affect it but
Will not affect it if you have a 15 or 30 year fixed .
> |
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Clueless
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Of course, your credit score would drop significantly which would cause the interest rates on your current credit cards to rise significantly. As well, if you try to refinance on your student loads or mortgage or if the currently interest rates on them are not fixed then you can expect them to rise as well. As you probably don't know, the higher your interest rate is the more money you pay. |
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Alex A
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yes, they are still going to make you make payments on the car even though you are not driving n e more... Its best to find someone that can reliably take over your payments... Not paying a car payment or having a repo on your credit report looks bad.. It shows that you dont have the money to make payments for things house, car , cellphone whatever... This move will tarnish your credit |
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onandonandonanon
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Yes you will still owe on the loan! Yes it will affect all your other payments! Guess you aren't planning on moving in the next 7 years either, because you won't be able to rent anything! You need to stop living beyond your means and take care of your business now that you have a child! A good credit rating isn't a convenience, it's a necessity, especially with a child! Get your priorities in order!! |
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