What would you do about this....?

Question

i owe over 4000 on my 2000 bravada. it isnt worth that much in excellant condition, which it isnt. the transmission is coming out. would you fix it which will cost 2000 at least or give it back to the bank. according to kelly blue book it is only worth about 1500 to 2000. please give me good advice

Answer 1

If you like the car keep it and fix it, pay it off and then trade it in.

Giving it back to the bank will clear your mind and help your wallet, but it will destroy your credit score.  This is called a "volunteer repossession" and while not as bad as an actual repo, it will drop your score anywhere from 50 to 300 points (depending on how high your current score is.  The higher your score, the more it drops.

I would shop around for better prices/service and just fix it myself.