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What happens to your credit when you give your automobile back to the bank My car is broken down i cannot afford the payments nor the cost to have it fixed will is ruin my credit like a repo?
Wiki User
∙ 16y ago
The car will be sold at auction and your debt will be reduced by the proceeds. If it is not enough to cover the balance due, you will still be expected to pay it off. It will be reported to the credit reporting agency as a voluntary repossession.
Try to keep up your payments and pay off your debts, and you should be OK.
Wiki User
∙ 16y ago
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