Will Turning In My Car to Avoid Repossession Help My CreditCan't afford your car payment but worried about your credit? Thinking turning in the car to the bank might help? Find out here why it won't!
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Will Turning In My Car to Avoid Repossession Help My Credit?
No, not at all. It is a common misconception among people facing hard times that voluntarily turning in a car is not a repossession. That is not true. Just because the tow truck isn't in your driveway hooking up your SUV does not mean that your car is not being repossessed; it is!
The fact of the matter is, you have defaulted on the loan. The bank will sell the vehicle, most likely for more than you would have obtained if you had sold it yourself, and then come after you for the difference (called a "repo deficiency.").
The only real advantage of doing it voluntarily is to have some control over the process. You can clear out all of your possessions and arrange for alternative transportation.
That is much better than waking up in the morning with no car in the driveway, no way to get to work, and with your laptop bag in the trunk because you forgot to bring it in to the house last night. Find out more.
Richardson Law Offices serves New Jersey, including:Gloucester, Camden, Burlington, Salem, Cumberland and Atlantic Counties and surrounding New Jersey communities, including Woodbury, Colonial Manor, North Woodbury, Woodbury Heights, Deptford, Thorofare, Gloucester City, Washington Township, Blackwood, Brooklawn, Westville and Pitman.