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An online poster from another forum posed this question.
She has a Nissan Murano and has decided she wants to save more money so is going to just give the car back. I think it is a 2010 or so.
She wants to know what will happen. We told her she would probably be responsible for any amount the finance company cannot recoup from selling it. She says she has bad credit.
Does she owe more than the car is worth? Why doesn't she just sell it then use that money to pay the car off?
She probably does. We told her to do that, but she said she doesn't have the funds to make up the difference. I told her to compare her payoff and blue book value to see what she might have to come up with.
When I used to work at a credit union I had a couple of people come in and drop off the keys to their car that they couldn't pay on anymore. It's the same thing as a repossession on your credit report. The bank writes it off and you get that hit on your credit report. That's it. Done.
If she can still make payments I would keep doing that and maybe she will have positive equity in the car. That will improve credit maybe or at least prevent another bad item
Giving the car up for voluntary repossession is no better for one's credit than a "normal" one. It will stay on their credit for 7 years or more.
Best thing to do is assess the value of the car and compare it with what is owed before making any rash decisions.
People change in 7 years, and even though they may not care about their credit now, they may care about it down the road.
You are correct that she'll be responsible for anything left over and this will hurt her credit even more but as you have stated "she doesn't care and only lives in the moment" !!!!!!!!!!!
You are correct that she'll be responsible for anything left over and this will hurt her credit even more but as you have stated "she doesn't care and only lives in the moment" !!!!!!!!!!!
This^^^
I hope that she has saved up enough money to pay cash for a new car or a monthly bus pass. People like her don't care about her credit or other things until they need something else
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