What happens if you give a car back to the bank?have almost perfect credit and was wondering what would happen if i gave my car back to the bank that it is financed with? | |
What happens if you give a car back to the bank?have almost perfect credit and was wondering what would happen if i gave my car back to the bank that it is financed with? | |
Kimberly had a great answer, and I would add, you should try to sell it yourself, or have someone take the remaining payments over, call the bank, finance company or dealership to see what other options you have. If you can avoid this do so, it not worth getting bad credit. Credit is too valuable, and too hard to repair. Check out all of your options.
It will go down on your credit as a repossession and your credit score will drop- a good bit.
Your credit does not differentiate what type of repossession you do. It does not matter if the bank sends the repo man to get it or you give it to them. It's the same on your credit either way.
The bank will sell the car for what ever they can get. They will then come after you for the fees and balance.
You would get more for the car selling it yourself than the bank would get for it.
Here's an article I found on Bankrate.com that asks a similar question. http://bankrate.com/yho/news/car-adv...
i agree with all the other answers, your credit will be affected majorly in a bad way, and the bank will sell it for whatever they can get and then sue you for the remaining balance (if any.)But there is one more thing although losing your car is bad altogether, it is better to give it back to the bank rather than keeping it and letting them repo it, because then on top of what you owe they will also tack on the repo fees because more than likely they will have to hire a tow truck or someone else to retrieve it, and you do not want to have to pay for more than you can already not handle. good luck
try to sell it yourself first. Pay all of the proceeds of the sale to the bank loan and try to negociate a settlement for the balance, failing that, refinance the remaining balance into a new unsecured loan with lower payments. This will save your credit rating.
thats right. They'll sell the car for some change and then come back to you for the balance and take you to court for it. Your credit will then be f....
That is a voluntary repo, but still a repo. The lender sells it for whatever they can get, then will come after you for any loan shortfall (plus fees, etc.).
You would no longer have good credit.
you can list it in the paper and do a "take over "payment kind of plan.