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  1. #1
    Join Date
    Jun 2006
    Posts
    3

    Default Moving out of the country - Returning car to bank

    Hi:

    I'm moving out of the country to Puerto Rico in less than two weeks and I haven't been able to sell my car. Shipping the car to PR is to expensive. Can I return this vehicle to the bank (Bank of America) without getting my credit damaged?

    Thanks,
    Alex

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,650

    Default Re: Moving out of the country - Returning car to bank

    No. You can't just walk away from a car loan and expect that your credit won't be damaged.

  3. #3
    Join Date
    Jun 2006
    Posts
    3

    Default Re: Moving out of the country - Returning car to bank

    I'm not expecting to walk away from my loan and not getting my credit ruined. I have to leave the country because I was transferred from my job. I think there should be valid reasons for returning a car to the bank without getting out of the credit world for 7 years. I really have to leave next week and I don't have $6k to pay for the difference in my loan if I sell my car really cheap.

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    74,875

    Default Re: Moving out of the country - Returning car to bank

    The bank has no reason to subsidize your move, which is what would happen if they accepted the car back with no consequence to you. In your own words, you owe them $6,000 more than the car is worth.

  5. #5
    Join Date
    Jun 2006
    Posts
    3

    Default Re: Moving out of the country - Returning car to bank

    Thank you guys, I hope I can sell the car before I leave....

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