Factory job sent 2 mexico, cant-afford car pmt, if i give car to bank what happens to credit score? NO REPO?

Question

Factory job sent 2 mexico, cant-afford car pmt, if i give car to bank what happens to credit score? NO REPO?

Answer 1

You will get a repo on your credit report.  The car lot is just going to sell the car as much as possible and then what ever it does not receive it will sue you for the difference left in the loan.  It's best to try to sell the car for as much as possible or a little less and pay the vehicle off.  If you can't sell and pay it off, you maybe out of luck unless you do something illegal.  But you didn't here that from me.  LOL J/K.  Try to sell if you can't go in and talk to your bank they probably don't want your car back, especially if they can't get any money out of you for the rest of the debt.  I hope I helped you.  

Answer 2

If it is reposessed, the bank will likely send the car to auction and will most likely sell it at a fraction of the price that you owe.  You will still get the bill for the rest of the amount owed on the loan.