GoGetMyDamnBelt_
All Star
So what it's looking like is that I'm gonna get this Federal Air Marshal Jon but I'm trying to clean up some of my debts before the big money starts rolling.
Last year, I got a second car since my husband and I was sharing one at the time but our work schedule were clashing. So I ended up having 2 car loans but he paid for the older one while I was paying for the newer one.
I'm thinking of doing a voluntary repossession. If I do, that would clear up about $600 a month (including the insurance). Seeing as the car has under 7k miles on it, I know the bank will just sell it and hit me with the remainding balance but what I want to figure out is if I negotiate to pay off the remaining balance, can they put it on my credit 'paid in full.' I'm trying to get a house in another year or 2, a repossession gonna hit me hard
I want to know whether they put that on my credit as soon as I give up the car or after they try and come after me for the remaining balance once they sell.
Anyone ever been thru this?
Last year, I got a second car since my husband and I was sharing one at the time but our work schedule were clashing. So I ended up having 2 car loans but he paid for the older one while I was paying for the newer one.
I'm thinking of doing a voluntary repossession. If I do, that would clear up about $600 a month (including the insurance). Seeing as the car has under 7k miles on it, I know the bank will just sell it and hit me with the remainding balance but what I want to figure out is if I negotiate to pay off the remaining balance, can they put it on my credit 'paid in full.' I'm trying to get a house in another year or 2, a repossession gonna hit me hard
I want to know whether they put that on my credit as soon as I give up the car or after they try and come after me for the remaining balance once they sell.Anyone ever been thru this?