Yahoo! Answers*

Question:

if i return my car, my credit will be afected?

Answers:

1) Auto finance is what I do for a living and a repossession is one of the worst things that can show on your credit. Your lender will sell the vehicle at auction for less then it's worth and then come after you for the balance plus all fees for towing, storage, interest, reconditioning, auction fees and lawyers. This will amount to several thousand dollars and if you do not pay they can take you to court and get a judgment, at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes. All of this activity will show on your credit for the next 7-years making it very hard to get any other types of loans without making massive down payments, pating huge fees and State maximum interest rates.

2) From what I have been told, yes in a bad way!

3) most banks won't just take back a car. they don't want it any more than you do, and probably a lot less. if you get it repossessed, they will have to sell it for whatever they can get (and it will be a very low number), you are still responsible for the rest. keep the car, get a 2nd job.

4) Yes. A voluntary repo is still a repo.

5) misma pregunta misma respuesta, si, consejo pasaselo a alguien que lo pueda seguir pagando y así no afectas tu crédito nadas mas que no te falle. en que ciudad estas?

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