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hailey1hayden2 · May 22, 2008, 01:09 PM

How bad would it hurt my credit if I did a voluntary Repo on my Car?

danielnoahsmommy · May 22, 2008, 01:11 PM

Poorly. A repo is a repo

hailey1hayden2 · May 22, 2008, 01:20 PM

How poorly is poorly? 100 points? I have around a 720, I hate my vehicle! I can't offered the gas it takes to fill it up! What do I do?

danielnoahsmommy · May 22, 2008, 01:22 PM

Keep you car parked and take the bus. This avoids any credit issues. I do not know how many points you would lose. I would do anything possible to avoid destroying my credit

hailey1hayden2 · May 22, 2008, 01:30 PM

Thank you for your advice, but in my town we don't have buses or taxi cabs. I have to drive 15 miles to work like most of the people around me. Again thank you.

progunr · May 31, 2008, 02:21 PM

If you let the vehicle go back, you still have a repossession on your credit reports.

Granted, it may be indicated as a voluntary repo, but still a repo.

Once you give it back, the finance company will be forced to sell your vehicle at an auction, and it will be flagged as a repossessed vehicle. This will severely decrease the amount of money someone will pay for it, and since it is an auction, if the high bid is $500.00... SOLD!

OK, now, subtract $500.00 (or what ever it may sell for) from the balance you currently owe, then add late fees, reconditioning expenses, and repo or recovery expenses.

Now, you have no vehicle, and you still owe the difference between your loan balance with all other fees added, minus the proceeds from the sale at the auction. This could be a huge amount, and again, you have no vehicle but still have to pay all that money.

The lender would most likely sue you for the unpaid balance, and would most likely receive a judgment. Then, they can begin to garnish your wages at work, levy and clean out your bank accounts, or even place lien's on any property you own.

Keep paying for it, or try to sell it, but giving it back is your worst possible option.

Fr_Chuck · May 31, 2008, 02:35 PM

Yes, you really don't get anywhere with a repo, it is better to sell it, even if you have to sell it for less than you owe and borrow some money to pay off the title.

As noted, lets say you owe 15000 on the car, at a repo auction you will be lucky if it sells for 5000 dollars, so you will stll owe the 10,000 plus the legal fees for repo and the auction cost. So it is likely that on a 15,000 car loan you may stlil owe 10,000 to 11,000 after it is repoed, so you will still be paying and paying for it.

I have even see a few times that after a repo, the person actually ended up oweing more money after they took the car than was owed before.

So you want to sell the car, trade it in or something, repo is not a good option

pieceofmind · Oct 20, 2009, 01:41 PM

I don't know I'm going through a similar situation I owe 12000 on a car worth only 4000 and it won't pass inspection after having the car for only 2years the 02 sensors made the check engine light come on and I also on medical leave of absence from work can't go back to work until I'm cleared now the car is just sitting cause it won't pass inspection right now I feel I have no option with four kids and a husband disabled the little money we get in is not enough to fix the car and make car payments the finance company want at least 90% of the car payment I can't get the monthly payments lowered and can't get it refinanced so I'm stuck in a no win situation but if anyone can offer something good let me know...