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Can it get any worse if I just give back my car?

Date: Mon, 10/08/2007 - 13:17

Submitted by got2pay2play
on Mon, 10/08/2007 - 13:17

Posts: 61 Credits: [Donate]

Total Replies: 4


It looks like, baring a miracle, I am going to lose my house at the end of the money. Final judgement day is the 12th.

I have a car that I am behind on and upside down in. I can get the car caught back up within the next couple of months but part of me wants to say "f" it and just let them have it. Not like my credit will get any worse!!! 2005 Ford Focus ZX4 with 22K miles and owe $11K.

For what I have to pay to get caught back up I could buy an inexpensive car outright and save myself $300 a month. I am behind 2 payments at $295.99 a month, have another payment due on the 18th of this month. I started a new job that is paying me more money and am can be totally caught back up with payments by the end of November.

I just want to know what "pros" I have to keeping it and what "cons" I have by giving it back.


Well the obvious "Con" will be the negative impact giving the car back will have on your credit report.

But, if your credit is already in bad shape due to the situation with your mortgage, then a "Pro" is that you'll be saving yourself $300 a month by buying an inexpensive car so you won't have a car payment, and giving the Focus back is definitely worth considering.

The other "Pro" I see is if you get your car payments caught back up, and then pay them on time thereafter. That will be a positive on your credit reports to offset the mortgage situation a tiny bit.


lrhall41

Submitted by Tiffany99 on Mon, 10/08/2007 - 13:25

( Posts: 1058 | Credits: )