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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.
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As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
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.
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.
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.
If a car was repossessed how long does it stay on your credit before it is removed?
7 years
What does your credit score have to be to purchase a house?
if you can afford it.
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