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31st December 2010
My cousin (whom I love to pieces) is going through some really tough financial times, With the recession, I’m sure we all know someone who might be struggling with bills.
She recently told me that she is considering letting her finance company (Toyota) repossess her vehicle (2006) so she wouldnt have to worry about the payments. She asked me how horrible her credit may look after that, and I told her that since I have only had my car for about a year, I wasn’t too sure.
In case she does allow Toyota to repo, how badly would it affect her credit score and would there be a way for her to re-build afterwards?
My heart really goes out to her as it does for anyone who is going through situations such as this. I hope someone out there can give me some feedback to pass along.
Thank you in advance.
I do not have the title of my car in my possession, the bank does because my car is not all the way paid off. However I am interested in trading my car in for a different car (the car is used). The dealer says they accept trade-ins on used vehicles, but Im not sure how the sale process would go since my name is on the loan but I dont have the title, the bank does. Will they still honor the trade-in?




