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How do you get rid of a car you can't afford to keep without having it repossessed and spoiling your credit?
Wiki User
∙ 8y ago
You can sell it. Just call the finance company and see what the cash pay-off amount (the minimum cash amount that they will accept in order to give you the title free and clear) is. Sell the car for an amount equal to or more than the cash pay-off amount. Take the cash to the loan company and pay off the car. Get a clear title from the loan company and give it to the buyer.
If you have not been able to sell the vehicle, or don't want to bother, consider other options.
- Another option to selling is a transfer. If you have a leased vehicle, contact your leasing company and find out if they would process a transfer of interest or lease assumption. There may be a fee and you will have to find some one to take over the vehicle; but you may be able to walk away free and clear.
- If you have an auto loan, contact your lender and see if the loan is transferrable or assumable. The fees are determined by the state, so you may want to contact the DMV for more information. If the loan can be transferred, you may still be liable so make sure you ask.
Wiki User
∙ 8y ago
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As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
If your daughter's car is in your name and she is not paying can you let it get repossessed without ruining you and your spouse's credit rating?
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?
No, because you have your own separate credit report.
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?
yes
Can a motorcycle purchased on credit card be repossessed?
A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.
How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?
It has the same effect on the credit.
If a car was repossessed how long does it stay on your credit before it is removed?
7 years
What are the laws of repossessed cars in Canada?
Cars repossessed laws in Canada a vary by provine.Whether your car will be repossessed depends on such factors as the province you live in and how for behind you are with your payments.Vehicle repossessed is negative impact on your credit rating. If you want more information email me at natalsiapatterson34@gmail.com
If your car is repossessed by a 'buy here pay here' dealer does it affect your credit?
Only if the dealer reports it to the credit bureaus.
What does your credit score have to be to purchase a house?
if you can afford it.
How can a car repossession be on your credit report when your car was not repossessed?
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
