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How bad will this hurt my credit?

Well, my DH had a great job as a manager of a large dealership. Well, the guy that owned the dealership owned a few in the state and was doing something illegal, so he was sued millions of dollars and lost all his dealerships. Well, his one my DH worked out, went out of business so my DH lost his job. He has finally found one making $9 an hour and I'm about to start one making the same, but it is nowhere near as much as he used to make and our savings has run out. My DH had bought me a $30k car under my name that I did not want when he worked at the dealership. We cannot afford the $500 a month payments anymore and do not want to get it repossed, so what are my options? Could I give up my car willingly to the bank? I do not want to ruin my credit over this.

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Anonymous

Asked by Anonymous at 3:11 PM on Aug. 6, 2009 in Money & Work

Answers (7)
  • give up car willingly? you make it sound so pleasant. it's a voluntary repo and is still awful. try to refinance. beg, cry, plead.
    Anonymous

    Answer by Anonymous at 3:15 PM on Aug. 6, 2009

  • First of all I thought you had to sign for a car in your name...

    Anyway.

    I suggest selling it yourself. You won't be able to sell it for the amount you owe, but the money you make on it will knock down the principal you owe the bank.

    Then you can go apply for another loan at a lower monthly payment to pay off the car loan at the bank.

    I doubt the bank will refinance the car until you are delinquent.
    Anonymous

    Answer by Anonymous at 3:20 PM on Aug. 6, 2009

  • Can you trade it in for a less expensive car?
    KaireasMommy

    Answer by KaireasMommy at 3:22 PM on Aug. 6, 2009

  • ohhh my lordy people. 4 realz? sell it? trade it? wtf? I cannot stand rich bitches coming into a forum about something they know nothing about. if she traded it, even for a junker.... omg. it's impossible. it's a 30k vehicle. no one will buy it/trade it since they owe so much. end of story.
    Anonymous

    Answer by Anonymous at 3:27 PM on Aug. 6, 2009

  • I would call the bank and talk to them, that way you can get a straight answer
    looovemybabies

    Answer by looovemybabies at 3:29 PM on Aug. 6, 2009

  • Anon 12:27

    How do you think we got to be rich? Certainly not by "knowing nothing."
    Anonymous

    Answer by Anonymous at 3:50 PM on Aug. 6, 2009

  • I wouldn't stumble into a thread I was not appropriate for... like wine tasting, stocks & bonds, or which country to import my au pair from. So don't give advice to someone with a $9 an hour job. Seriously? Could you even find ramen in your supermarket?
    Anonymous

    Answer by Anonymous at 4:20 PM on Aug. 6, 2009

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