I was in a bad situation with a car….took out another car loan and im planning on repossessing my old car?
ByI was in a bad situation with a car….took out another car loan and im planning on repossessing my old car?
I was in bad shape with a car loan…never seemed like i was going to get the value of the car…..i was 7000 negative equity and my car was getting up in near 100k miles….started to have problems…..by the end of the loan my car wouldnt of been worth anything…..ok so i got a letter through the mail sayin i got preapproved for a car loan….for 30,000, so i went to the dealership….see if there was a way to get a good car that keeps its value….and trade my old one in……my negative equity was too much that they said theres nothing they could do unless i took out a seperate loan…..so i took out another loan besides the one i had…..and i plan on repossessing my old car…..car salesman told me it wont effect me as much because the fact i already have another loan approved….so my credit would go down bc of my old cars reposession….but if i keep paying on my current cars payments….will i still have bad credit for 7 years?….well i know it will hurt it…..but will i be able to build my credit back before the 7 years
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P.S. You were "preapproved", which means nothing. You still have to go through the whole darn process and a fresh repo ain't looking good for you!
If you let it get repossessed, it will just cost you more.
Uncle Jed did a good job explaining the process.
The car salesman you talked to is an idiot.
The salesman will tell you it is all good as he is in desperate need of a sale and he sees an easy mark. He does not care about the real financing dilemma you have. He gets paid when you buy a car. If it gets repossessed or you have other financial problems, it does not affect him as he keeps his commission.
Good luck, and I hope it all works out.
If you allow your car to be repossessed, it's going to ruin your credit, and by the time they are finished with things (and you were given an excellent picture of what is going to happen) you will wind up paying probably more than just keeping it and paying it off. Take your balance now, add the repossession costs, the attorney and court fees, and subtract the cents on a dollar they will get when they auction it, and you will owe more than you owe now.