REPO IMPACT
Hi Uncle! :)
I am about to willing let my truck go back owing roughly 27000.00 having the automobile almost 2 years. I have become slow pay lately and my payments are too much for me to make at this time. I am unable to refinance also so therefore do not see any light at the end of the tunnel. I am a single mother of two and homeowner and recently had my hours cut at work so not able to work my 40 has really hurt my situation. I have also recently lost my additional income of child support due to the loss of ex's job. I have become late on my house note because of this and can not afford to lose my home so I see my only option is to let my truck go back.... my payments are 555.25 a month not including my full coverage insurance. Any suggestions or what will happen? I have never had a repo on my credit. Most importantly, will I still be able to re-finance my home mortgage which I was thinking of doing in Jan or Feb of 2007. Will the repo affect that???
Thank you so much for taking the time to read and respond to this issue. I eagerly await an answer.
Sincerely,
Kelley / Dallas TX
Kelley,
Read all the other repo inquiries for details regarding voluntary repossession. The Uncleism is, [Repossession solves nothing.]
Briefly, returning the vehicle does NOT remove your obligation to pay. In simple terms, you still have to pay but you do not have the vehicle. HEADS UP! Repo involves added costs. Read the other posts for details.
If you are considering refinancing your home, DO IT NOW. Repossession, like any other payment default, negatively impacts your credit. Your application for home refinancing could be denied or offered at a higher rate due to a lower credit score. The current late payments already have negative impact on your credit.
If the truck is worth more than you owe on it, try to sell it privately. “Selling” it for the “take over the payments” amount is better than repo.
Seek additionaal income from employment and from delinquent ex. Speak with your mortgage holder or bank about the rates and terms of refinancing.
Act now, time is working against you.
Everybody’s Uncle
