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In New York if you surrender a car that you can no longer afford what happens and does it impact your credit?
Wiki User
∙ 18y ago
The car will be sold at auction, then you will still be required to pay any remaining balance. You would be far better off selling the car yourself, since you can probably get more than wholesale for it just by advertising in the paper. Yes, it will severely damage your credit if you turn in the car.
Wiki User
∙ 18y ago
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They are sold to collection agencies and negatively impact your credit report.
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You inquire about a credit card charge.
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Certainly, foreclosure is an option. It is one that would result in a negative impact on your credit rating. That is, an impact for all parties named in the mortgage. It would be better to pool resources to keep the house, but selling the house at a loss seems more desirable than a negative impact on one's credit rating.
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