How bad is the hit on your credit score if you voluntary repossess a vehicle.?
Answer:
If title is in your name only - sell the car. Don't tell him. Just leave. Sell the car. Pay off as much of the loan as you can. Tell the loan company that you are having problems and can they extend the payments of the rest of the loan until you get back on your feet.
If they won't - the worst you will have is the rest of the loan on collections.
Don't repo unless you have too. If he is being a jackass, call the cops and make them turn over the truck to you. It's your property and you have every right to sell it when YOU want.
Cops have delt with this before. They are an awesome resource.
you must be safe, in regards to your question perhaps speak to a credit counculor.
if both names are on the loan, then both names have to voluntarily surrender the vehicle.
Very bad. My sister was in the same situation and it took seven years to be removed from her credit record. In that time she couldn't get a car loan and landlords saw the repo on her credit and denied her application for an apartment.
A repo basically tells a creditor (bank, landlord, car dealership, credit card co., etc.) that you aren't a good risk to extend credit to. Expect to have a credit score of around 400 (bad) for quite some time. I would call the bank or car dealership where you are making payments and explain the situation.
good for you.get out now. and as far as repo's go voluntary or not it is still going to hurt ya. you will be responsible for the amount left over after the bank takes it to auction and accepts a really low offer for the vehicle. say you owe 5000.00 and they auction it for 2500.00. the bank will come after you for the other 2500.00 and even garnish your wages for it.
Who is on the insurance is not important. To surrender to vehicle requires the person or persons on the title to sign. If his name is on the title, you don't have this option unless he agrees. If the vehicle is in your name only, the impact on your credit depends on the value of the car vs the balance on the loan. If the car is worth more than the loan, sell it outright and your credit will be fine. If you owe more than its worth, try to negotiate repayment of the difference up front. As long as you meet an agreement made before any default, you have not defaulted. If you have no choice but to default, your credit will take a hit. If this is the only negative on your record, you will still be able to get credit, but you may pay higher rates.
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No matter how bad a hit on the credit score, that can be repaired much easier than the emotional scars left by abuse.
Take the hit on the credit score rather than from the b/f.
Good luck! I wish you the best. OH, but make sure that you will no longer be legally responsible for the loan!
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