Returning My Car Before It Gets Repoed
I have a car I got for my boyfriend as a favor in my name and he cant afford to make the payments. My problem is that I would like to give it back to the dealership without it being repoed. Will I get bad credit from that? And is turning in the vehicle an option for me? Any info would help. I live in California. Thanks
Re: Returning My Car Before It Gets Repoed.
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ALINADON
I have a car I got for my boyfriend as a favor in my name and he cant afford to make the payments. My problem is that I would like to give it back to the dealership without it being repoed. Will I get bad credit from that? And is turning in the vehicle an option for me? Any info would help. I live in California. Thanks
You can surrender the vehicle voluntarily to avoid the potential embarrassment of coming out one morning to get in the car and find out it was repo'd in the middle of the night, simply call the lender and tell them you wish to surrender the vehicle.
Yes, it will damage your credit. Whether it is a voluntary repossession or not, it is still a repossession and they will report it that way on your credit reports. Also, the lender will sell the vehicle for whatever the highest bid is at auction, and this is typically well less than fair market value. What this means for you is that if they sell the car for less than you owe on it, they will still make you pay the difference.
Maybe see if you can find someone to take over payments, or try to sell the vehicle to a private party for payoff before doing a voluntary repo.