Whats the risk of giving up my Financed Car?

Question

i want to give up my car financing. i have different plans. whats the risk of that? of course bad credit will be the main disadvantage. but could i still get approved next time if i want to get the different car i always wanted?

Answer 1

There aren't risks, really - there are certainties.  For instance, if you "return" your car to the bank, you will accomplish absolutely nothing.  The bank will go along with your repossession, and they'll handle it just like any other, and you'll get stuck with their costs for getting rid of the car.  You'll have to pay the difference between what it brought after their costs and what you owe.

So - there's no reason to "give up".  You gain nothing.  Come up with a plan that gains you something.

Answer 2

repo=bad credit

Answer 3

Like Firebird said, the Bank is going to want its money back from you. Plus they want you to pay for them getting rid of the Car.

Also Voluntary Returning the car is still Considered REPO. It trashes your Credit for a Looooooong time. So to answer your question, you will have big problems getting approved next time.

The only valid plan would involve either Paying off that loan or Refinancing it from some other bank. Any other option is not worth it.