How can this ⬇️ affect my husband & myself credit score?

Question

Hey ladies, maybe this is a very personal question & im sorry to ask but I just don't know what can we do. My husband & I financed a car 3 months ago, we both have good jobs( well, I just lost my job last month) & now we have to cut out budget. We are paying for a car & almost finishing but paying for 2 cars plus others bills is IMPOSSIBLE with only 1 income. My question is, if we return the car that we just financed, how bad that will affect our credit score? We financed the vehicle using both credit so definitely will affect both of us. But I really want to know how bad. We never had any issues before but unfortunately things happened & we prefer to have food in our house that a vehicle that we can't afford at this moment. Any advice of what to do or any similar situation. Again, I'm sorry😞. Also, I now this isn't a controversy topic but I just don't know where to post this.

Answer

For everyone saying you can't return it- you can. It's a voluntary repossession. I deal with this daily at my job.

Answer

You could also try and sell the car but the money you get for it would have to pay off the car for you to get the title for the person buying it. That sometimes isn't very reliable though as you'd have to find someone who trusts you explicitly.

Answer

You can turn your car back in! What happens is your car is appraised for its current worth then assessed what you owe on it and then sold or auctioned off you are liable for the difference owed and any fees that may apply. For example if you owe 20k and they sell it for 15k you owe the remainder of 5k plus any fees. If you do not pay the balance it goes against your credit as a  repossession and stays on your credit report for at least 8 years. Maybe you can sell it your self for what you owe to just pay it off?

Answer

I don't think you can return a car. Once you finance it that's you saying you promise to pay for this until it's paid off. My ex got his car repossessed and it hurt my credit drastically! Credit is not something to mess around with. I hate credit. I abhor it...ugh. I wish it wasn't used for everything!!! Fixing my credit has been so damn hard it sucks!! If you can I'd find small jobs or a part time job to pay for the vehicle.

Answer

I highly recommend going with the sell it or have someone take over your payments. if you sell it off course make sure they are paying at least what you owe. if they are taking over the payments they would simply apply for financing with through who ever your lender is, they'd have to get approved for enough to cover the cars balance, and then the finance company will do dmv and loan docs to transfer everything to them. this is nice since you won't have to handle the transfer yourself. I don't recommend turning it in.although you can it is still a voluntary repo which is still a repo. I work at a financial institution where our loans have an additional coverage that will make payments in case a signer is involuntarily unemployed. I don't know if you were offered something like this or if you signed up But you could inquire.

Answer

This will cause a major hit on your credit. It will be a repossession and will stay on your credit up to 10'years. The vehicle will be sold at auction and you will be responsible for what is left. This typically ranges from 5k-20k+.

Answer

Can you get a job?

Answer

You can't just return the car.. Once you purchase a car, the value goes down a lot. so even if you were to trade it in for a car with a lower payment, you would have negative equity, you would have to pay the difference. If you just not pay it then it would be repossessed and that would effect your credit badly.

Answer

Ive never heard of returning a car. I would say if they give you all the money for returning it your credit will be ok but if they mark it like you couldn't pay that will affect your credit

How can this ⬇️ affect my husband & myself credit score?

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