i know that it will hurt my credit, but would it hurt it so bad that it would take for ever to repair and would i be able to get financed for anything else in the near future. just curious cause i have been laid off since december of last year and my car payment is killing me and i cant trade it in cause i would be upside down and i cant refinance it cause i dont have a job and, i dont want to file bankruptcy, i have ask the the finance company if they would work with me but they only deferred 2 payments when all there commercials advertise that if you get laid off they will pay (defer) your payment for a year. i have had a for sale sign in it for months with no bites just looking for any other options out there
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-free.totalh.com
I once had my car repossessed and I was able to get the item deleted off my credit. You have to wait until they sell your car and send you the final total, after that they simply write it off. If they have yet to pick up your car then you may still have a chance to save your ride. Visit http://911carnote.com/
It will still show as a "repo", but save you the extra cost of having them pick it up!
good luck!
It will be the same as a repo. They will sell it at auction, (for far less than you owe) and file suit for the remainder plus attorney costs, collection costs etc. As far as your credit report same as a regular repo, plus you will end up having a collection listed