I currently have a vehicle that is personally guaranteed by me, I can no longer make the payments ($1657.month). The current balance is $45,000. I have talked with the note owner and informed them that I will no longer be able to make payments on the vehicle after November 2008. They will repossess the vehicle, determine the value and then I will be on the hook for the remaining amount, which I will be able to pay.

My question is: how much damage to my credit score, currently my credit score is 800.

Respectfully,

John

seriously,

I would ask "you will be able to pay" if you can pay the balance why can't you pay that balance now and pay it off.

What was the selling price of the car, what is the est value of the car now. ( sold at auction or wholesale)

Quote:

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Originally Posted by Fr_Chuck

seriously,

I would ask "you will be able to pay" if you can pay the balance why can't you pay that balance now and pay it off.

What was the selling price of the car, what is the est value of the car now. ( sold at auction or wholesale)

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I can no longer make the $1600 a month payment, I don't know what the estimated value of the vehicle is, to pay off the remainder (value - remaining balance (45k) I will have to take out a loan. So if the value of the vehicle is 25k, 45k is the note, that leaves 20k that needs to be paid off (personal guarantee). This is a commercial vehicle (Tri-Vision).