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| *Loan,banking and credit>>>credit score |
How bad will it hurt my credit score!!!? |
if I let my SUV go back? I can not afford the payment!!!! how much would i have to pay to get it off my criedt?> It will absolutely destroy your credit, it's considered worse than a judgment and viewed similar to a bankruptcy. You will not be able to get credit for anything except secured credit cards. Try to sell it on your own, and work out a payment plan with the bank for the remainder. Do everything you can other than having this car repo'd. Once you repo a car, whether voluntary or they scooped it in the middle of the night, you cant get it off your credit. A repo on your credit shows poor judgement on you part and will stay on your credit for 7 years. Once the lien holder sells the car at auction, you'll most likely have a balance you will owe them. If your lucky you can make an arrangement to pay the balance off. If your not lucky, they can place a judgement on your record and them start to garnish your wages - either way your going to finish making payments on a car you no longer have. Sorry to hear about your situation. Have you spokent to a bankruptcy attorney yet? uh, you can't pay to get something taken off your credit report, once its there its permenant (for 7 years) unless you can prove it didn't happen. The best bet is to trade in your SUV or sell it, get as much money as you can for it and pay off your loan. If you can't sell it for as much as you owe, talk to your lender, try to work out a deal where you will sell the SUV and pay off most of the loan, and make smaller monthly payments on the remainder of what you owe. Another option is to try to re-finance it, see if there is another bank that will lend you enough to pay off your original loan but extend the payments so your monthly payment will be lower. If you own a house and have some equity you can take a home equity loan to pay off the car, your mortage payments will go up a little bit but not nearly as much as your current car payment. Its always better to work out a plan to pay off your debt than to just stop paying and let your car be repossesed. Look for your other options because a repossesion will be very bad for your credit. . It will drop dramatically. Also, if you have someone wipe your credit, it could still show back up again. They like to report for an average of seven years. So, if you get it wiped clean, that may only last for a month or so before it is reported again. I would try to sell it and pay they difference in being upside down, before I would let it go back. Not very many people will want to lend to you. If you don't have any credit showing, that will also look suspicious. We see it alot at the banks. If you have to do it, then a voluntary repo is better than an involuntary one. It will show up on your credit as a voluntary repossession and will stay there for up to 7 years. It won't ruin your credit, but if you apply for credit in the future, you will pay higher interest rates. Even if you turned the vehicle in to the finance company, YOU WILL STILL OWE THEM MONEY!You will owe them the difference of what they can sell the vehicle for (usually less than you can sell it for) and how much money you still owe them, to which they will add the costs of selling the vehicle. Your best bet is to sell the vehicle yourself, and pay off the loan. Or bite the bullet, get a second job and get the loan paid off. You signed a contract to pay XYZ Finance a certain amount of money. You can't just walk away from your obligation, not only is not the right thing to do, they can and will make sure they get their money. Why did you buy something you can't afford in the first place? |
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