Home
How do you get rid of a car you can't afford to keep without having it repossessed and spoiling your credit?
Wiki User
Answered 2015-07-15 20:49:39
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.
Your Answer
Still Have Questions?
Related Questions
What happens to your credit when your car is repossessed?
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
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.
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.
How did buying on credit cause the Great Depression?
When people would buy expensive things on credit, and then buy more expensive things on credit, when the bill came around they couldn't afford it, and then what had been bought would be repossessed, but oftentimes what had been bought would lose value. thus, causing the great depression
How does getting a car repossessed affect credit?
Stays on your credit rating for 7 years. Has a very negative effect.
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
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.
Can a car be repossessed if the title work has not yet been completed and whose credit would the repo affect?
Yes it can and will effect your credit
How do repossessed cars affect your credit rating?
A car reposession will leave a major black spot on your credit rating for 7 years.
If your car has your mothers and your name on the title but she is deceased how does this affect you if it is repossessed?
Goes on your credit as a repossession.
Is it Usury to allow a person to pay a fine on credit without knowing if they can afford it?
Usuary is the practice of charging interest on a loan. If a person pays a fine on credit, this suggests the use of a credit card, and credit card companies charge interest (generally at a very high rate) so usury is involved. Whether the person paying the interest can afford to pay, or knows if they can afford to pay, is not relevant to the issue of whether it is usury, although it would be relevant to other issues, such as, is this a good idea?
After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
What happens if you stop paying on a laptop you were renting?
The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.
Where can repossessed cars be bought?
Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.
How do you afford a loan?
Avoid maintaining bad credit history, without fail we have to pay back our loans interest every month. Always try to apply loans with secured credit cards and try to maintain credit scores in higher levels.
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 happens to your credit if your car gets repossessed?
Your credit is severely damaged. Stays on your credit report for 7 years. Don't let this happen. Contact the lender and work something out.
What is the best way to build credit?
The best way to build Credit is to only borrow what you can afford.
How much would it hurt your credit if the car you co-signed for gets repossessed?
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
If a spouse's car gets repossessed after their death does it affect your credit rating?
If your name was on the note, yes.
If your spouse's car was repossessed can you make payments to get it back?
Yes. And that will help out their credit history too:)
Can your car be repossessed for credit card debt?
Unless the credt card company is the lienholder on your vehicle, no.
Still have questions?
