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What happens if you just cannot or do not want to pay for a car any more that you have a loan on?


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2004-11-15 22:53:08
2004-11-15 22:53:08

You wreck your credit. Even if you "give the car back", that is called "voluntary repossession" and it ruins your credit. Protect your credit rating. It's hard to establish, and even harder to re-establish... That's why insurance is so important. Wouldn't you just love to be making monthly notes on a totalled out car??


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probably not there's no real point anyways because then it wouldn't be called a car loan. It would just be a loan.

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You can if a lender is willing to loan you the money and the existing loan is not more than 50% of the value of the car. Just make sure the lender is aware of an existing loan against the vehicle. This is a very bad idea IMO. Using a car as collateral for a loan other than to buy the vehicle is a very bad idea. Cars depreciate very quickly so are not good collateral. More than likely no lender will loan you the money on this vehicle.

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