I need advice on auto repossession?
I had a 770 credit score, and i made a realy bad decission yesterday and bought a 2010 camaro SS. I know realize theres no way i will be able to afford the 700 dollar a month payments for the next 5 years. So i need advice. Can i just let it get repoed, or call the financing company and tell them i cant afford it?
If i go this route, what happens? I just have a descrepency on my credit report for the next 7 years?
I already have a mortgage and a car payd off, so im not to concerened with getting bad credit for the next 7 years.
Ill take any advice or suggestions on this subject. And i know im and idiot and bad person for making this decision.
Tagged with: Auto • Bad Credit Mortgage Advice • Need • repossession
Filed under: Bad Credit Mortgage Advice
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The best thing you can do is call them to come and get the car…Letting more payments lapse will only hurt your score..You are not an idiot or a bad person..You just made a bad judgement call…I would of went with the challenger myself!!!!
You are neither an idiot nor a bad person, you simply made a bad choice. If you allow the vehicle to be repossessed, they will sell it at auction and you will be responsible for the remaining balance, along with having terrible credit for the next seven years, so that isn’t what you want to do.
Try to sell it for near the price you owe on it, and make up the difference if you can’t. With your credit score you should be able to get a signature loan for the amount to make up the difference.
Call the lender, and get the payoff price, then try to sell it for close to that amount.
Good luck with it.
You are going to lose a lot of money on this, one way or another. You took delivery of the car, and now it is a used car. If it is repossessed, it will be sold (usually at auction) and the proceeds of the sale, less all costs of repossession, transportation, title, storage and sale, will be applied to your loan. You will then be billed for the difference, and if you do not pay it, you will be sued. Your bank accounts and wages can be seized.
Your credit will be trashed for 7 years with a repossession. Any judgment will show for 7 years after you repay the loan.
These cars are bringing in the $35000 range now at the dealer auctions, so depending on what you paid, you may not be in that bad a shape. You should go back to the dealer and see if he will allow you to buy your way out of the deal. You will lose everything if you allow the car to be repossessed, if you offer to let the dealer keep the down payment to let you out of the deal, they may be willing to do so.
If not, you may be able to sell the car and take the loss, paying off the loan. You want to avoid the repossession at all costs, it will cost you more in the long run. Go back to the dealer first thing in the morning.