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    jeanniedane's Avatar
    jeanniedane Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 15, 2007, 04:51 AM
    What happens when I volantarily reposses my car?
    :o I just bought a car about a month ago. Something happened with my financial situation and I don't think I can make the payments. What can I do? What will happen to my credit score if I give the car back?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Oct 15, 2007, 05:10 AM
    Hello jean:

    The car will be sold for whatever they can get for it, and you'll owe the difference. If you don't pay, they'll sue you. Yes, your credit score will go down.

    You're probably better off trying to sell it yourself, because the bank doesn't care how much they get for it - YOU DO.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Oct 15, 2007, 06:01 AM
    A voluntary repo is a last resort. See if your loan is transferable and you can get someone to assume the payments .

    Remember a car depreciates hugely the minute you drive it off the lot. So if you bought a car for $20K, then after 1 month its probably worth less than $15K. But your loan may be more than that.
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