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Giving car back to the bank

Posted by on Aug. 26, 2013 at 7:52 PM
  • 21 Replies

Has anyone turned their car back in to the bank?  I have a 454.00 car payment plus 100. car ins. and it is keeping me broke!! I have 3 more years on the loan. Bought it when my income was 1,200. a month more than it is now. It isa 2007 Chevy Impala. I figure if I turn it in, I could save the money for 3 months and buy a used cheap car. I can take a bus to work, walk to the grocery store, and my son can walk to school for that time. What do you all think? I have made so many poor decisions, I need advise!!

by on Aug. 26, 2013 at 7:52 PM
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Replies (1-10):
virginiamama71
by Carrie on Aug. 26, 2013 at 7:56 PM
I have not but I think it would be the same as the bank repossessing it. If you are getting a refund next year can you put it all towards the loan, that way for the year (depending on the amount of refund and how much you will get) you can set aside the $454 each month for savings. Than if no emergencies come up you will have enough saved the year after next to pay more towards the loan, plus use your refund again and maybe pay it off.
Robsessed98
by on Aug. 26, 2013 at 10:58 PM
2 moms liked this
I'd try to sell it for a couple of months first and pay it off instead. Then take the bus until you can afford another car. You don't want a repo on your credit, even if it's voluntary. Bad credit will haunt you.
quickbooksworm
by Bronze Member on Aug. 26, 2013 at 11:00 PM
Its called a voluntary repo. Don't do it. My ex allowed my car to be repoed 9 years ago and that shit won't be off my credit for 17 years from the date of repo.
MomToNeeners
by Bronze Member on Aug. 26, 2013 at 11:22 PM

Honestly, I've had a car repo'd and then I filed for bankruptcy. If you can't afford it, what happens is they sell it and see how much they get for it, then you have to pay the difference. 

I would allow it to be repo'd and then do what you planned to do. It's gonna take them a month or 2 in order to sell it and stuff, but at least you'll have breathing room.

Paying as much as you do is way too much! I make more than $1200 a month and I can't afford that! I'm waiting until tax time and I'm buying a friends used car (my friends' boyfriend is my old mechanic up by where my mom lives). I would look into all your options first and make sure you make an educated choice of course. It's up to you. But I told you what I would do!

LifeCafe42
by Nora on Aug. 27, 2013 at 9:25 AM
I'd try and sell it first
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cjsmom1
by Platinum Member on Aug. 27, 2013 at 10:19 AM
I agree with the others. Try to sell the car first and pay off the loan. That way it won't be on your credit report.
easinpc
by Gold Member on Aug. 27, 2013 at 10:20 AM

I have not so I do not know how that works.  Here is a bump for you though!

krisnkids
by Gold Member on Aug. 27, 2013 at 10:36 AM

How far upside down are you?

mommersx4
by Member on Aug. 27, 2013 at 11:32 AM

 

I owe 15,800 would be the pay off. I have 3 1/2 years left on loan. I have tried to sell it. It is worth 9-10 thousand on blue book.

Quoting krisnkids:

How far upside down are you?


 

Mena929
by Member on Aug. 27, 2013 at 11:35 AM
1 mom liked this

That would be like repo-ing your car voluntarily. No good on the credit scores.

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