REPO?

Date: Sun, 11/26/2006 - 14:21

Submitted by anonymous
on Sun, 11/26/2006 - 14:21

Posts: 202330 Credits: [Donate]

Total Replies: 2

I am planning to go home in my country to pursue my nursing degree. It is very cheap and I donÃ¢â‚¬â„¢t have to work, my parents have to support me :). I am planning to pay off of credit cards except my car that I have a very huge negative equity on it. I am very worried that if I will have my car repo, when I come here in us. No one would let me finance anything, not even a tire. WhatÃ¢â‚¬â„¢s going to happen if someone have a repo but pay off their credit card? Can I take care of it when I come back? IÃ¢â‚¬â„¢m planning to stay in my country for 2-3 years.

You would probably get a car loan with a sub-prime lender and ha

You would probably get a car loan with a sub-prime lender and have to pay a hefty interest rate and down payment.

lrhall41

Submitted by WHEREAMI? on Sun, 11/26/2006 - 15:17

( Posts: 5263 | Credits: )

You can negotiate with the lender to return the car voluntarily

You can negotiate with the lender to return the car voluntarily and initiate what's called a voluntary surrender. This would save repo fees, and doesn't look as bad on your credit report.

Look at your state laws regarding motor vehicle retail installment contracts. In Illinois, if you have paid more than 60% of the balance, they have the option to keep the car OR go after you for the balance, but they can't do both.

If that doesn't apply, not only will it be on your credit, but when you get back in town they will come looking for their deficiency balance.

Like Steelers said, if you want to get financed again when you come back, you will be stuck with a high rate, and they will make you put a large down payment on it.

lrhall41

Submitted by DebtCruncher on Sun, 11/26/2006 - 16:27

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