Repossession

[tobee43]

Everybody's situation is unique. In our situation, we had one car with over 100k miles and cross-collateralization with a $5k unsecured line of credit, so we knew we wouldn't re-affirm.

My wife got a car in her name while her credit was still good, then once that was taken care of, I voluntarily returned my car to the credit union. They auctioned it off, and my now-unsecured loans to the credit union were wiped out by the bankruptcy.

We were afraid we wouldn't be able to get a car loan after we filed for bankruptcy, so we did the purchase and surrender before filing.

yes, you are so correct...each situation is different and one must do what is best to reach their own goals.

[tcreegan]

Hi all, just a FYI, it pays to be careful with auto loans on the credit report. Auto lenders have been known to use an "auto score" that weighs auto-related entries as the major factor in the score. A bad auto loan entry can send the interest rate climbing...

This is also a great reason when car shopping to have your FICO scores in hand and get financing ahead of time, shopping non-auto lenders (banks, credit unions) before going to the lot.

Tom in Colo

[MeLLE159]

Hey Tom yea that is my concern. I had a repo back in 04 and I don't want another on my report hindering me from getting a loan. I've paid off one vehicle since then and I'm not keeping the current vehicle I have because the pmt is too high, Don't need any more repos on my CR!

Hi all, just a FYI, it pays to be careful with auto loans on the credit report. Auto lenders have been known to use an "auto score" that weighs auto-related entries as the major factor in the score. A bad auto loan entry can send the interest rate climbing...

This is also a great reason when car shopping to have your FICO scores in hand and get financing ahead of time, shopping non-auto lenders (banks, credit unions) before going to the lot.

Tom in Colo