Best Answer

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.

User Avatar

Wiki User

โˆ™ 2006-03-10 15:18:17
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: In New York if you surrender a car that you can no longer afford what happens and does it impact your credit?
Write your answer...
Related questions

What happens to charged off credit cards?

They are sold to collection agencies and negatively impact your credit report.

How may a credit card negatively impact an individual credit history?

A credit card may negatively impact a credit history in a few ways. 1. Paying your credit card late will hurt your credit. 2. Keeping a high balance on your credit cards will lower a credit score. 3. Going over the credit limit will negatively impact your credit score.

If your request for credit is denied by a credit card issuer such as American Express does it negatively impact your credit score?

It depends on how many open credit accounts you have. But will only have minimal impact on credit score.

What happens if you can not pay back a personal loan?

You may fall into the category of bad credit . Personal loans often concern with your credit score so if you failed to pay on time it would put a negative impact on your credit score.

How does Credit affects assets?

Credit has no impact on one's assets.

What is the economic impact of tourism on Mexico?

They can afford more chimichangas

What actions has NO impact on your credit score?

You inquire about a credit card charge.

What impact did the atomic bombs on japan have on World War 2?

It lead them to surrender.

Impact the bombing of hiroshima and nagasaki had on World War 2?

inmediate surrender.

You cosigned on a car loan what happens if the primary buyer files bankruptcy but is still able to make the car payments Will this affect your credit?

The only thing from his credit that is linked to yours is the car loan. As long as he makes that payment on time it won't impact your credit. The minute he falls behind it's recorded on both yours and his credit. His other debts and BK do not impact your score because you are not responsible for them, therefore they are not recorded on your credit report. Hope this helps!

What happens to your credit if your house was foreclosed?

It depends on how a mortgagee's credit was before the foreclosure, but a drop of several hundred points is common. Foreclosure makes its greatest impact for the first three or four years and remains on a report for seven.

What impact does a repossion have on your credit?

lowers your score

If divorce is in the process of being finalized and niether spouse can afford the house payments is foreclsure one possible solution and what are the risks vs. selling home at a loss?

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.

What happens when you lengthen the duration of impact?

You reduce the force of the impact

What happens when you shorten the duration of impact?

You increase the force of the impact

Do medical bills on credit report hurt credit score?

yes they do, they impact your score greatly

What impact does the National credit act have on a real estate transaction?

defenition of the national credit act

What was the impact of the dropping of the atomic bombs?

it caused japan to surrender after the second bomb being dropped

What is the impact of low pay on the state legislature?

Average citizens cannot afford to serve.

Do I Really Need To Have Good Credit Rating?

No. Actually your credit can be terrible. We know that operating a business can impact your credit, that's why we base our choices in your income not your individual credit.

Is there a negative impact to your credit score if you request a credit report?

Ok when you check your credit score there is a negative impact, but it is so small that it really won't lower your score at all. If it lowered your score that much everyone would have bad credit considering all the places that check your credit throughout the year. So it is okay to check your credit, it will not hurt it.

What can one with poor credit do to obtain a credit card?

There is an online site, called 'credit' that can easily sell you a prepaid card. You can start out with this card and you can improve your credit, as prepaid cards do not impact your credit.

What impact has the United States government had on the credit crisis?

You will understand that the United States government has acted as much as it could to lessen the credit crisis. You will also know that the United States government has had a limited impact on actually reversing the credit crisis.

What happens to the tornadoes and what is the impact?


Why did the model T have such a dramatic impact on the economy?

It was the first car that ordinary people could afford