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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.

We’re to the point where we’re about to fall behind on our bills. I’ve been trying to sell my car but no one wants it. It’s still worth about market value, MAYBE a tad less, but no one wants it and I have to be paid OVER what it’s worth in order to sign the title over to them (I still owe like k). So I’m stuck.

Someone suggested to call my creditor and tell them to just come get it. That I can’t pay for it any more. They’ll come get it, send it through auction, and then I’ll have to pay the difference, but that will be WAY less than what I owe on it.

I desperately needed this car when I got it but now I’m married and my husband has two cars so mine is really just the extra. Having this off our backs will save us 0/month, what with the car payment and insurance payment gone.

My question is: How terribly is this going to affect my credit score? If it’s going to be more trouble than it’s worth then I guess I’m stuck with the car, but if it’s something that is just a small hit and then goes away quickly then I’m going to do it.

Friendly suggestions are appreciated!

Thank you! ^_^

Ok heres the deal my 07 pontiac G5 was recently repossessed and I was wondering how badly will this affect my credit in the long run. I have a decent credit score now like a 600. which is ok but nothing to brag about. anybody can let me know how much this will affect me please help

I bought a used car 18 months ago. I still owe about 0.00. It has been damaged and currently does not run. I am about 3 weeks late on payments. I and sending hardship letter stating I think I can be up to date by Mid November. If the Finance Co repossess my car then do owe the balance. How can they charge me for something I no longer have? I realize it will go against my credit score. But my credit is bad anyway. Now they are getting so nasty. Should just tell them come and get it flip them off and not pay another cent on the car?
the balance is actuallly 8,000
if i could afford legal advice I could afford to make payment

I want to finance a used vehicle that is 11,000 dollars here in Florida. I have 2,000 down. What percentage rate can I expect? Is 644 a decent credit score? I’ve been at the same job for 4 years. I really don’t use/need credit until it comes down to buying a car (tired of driving cars I have to fix every month LOL). At what percentage rate should I walk away?

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