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Old 06 Nov 2011, 05:31 pm
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Default If I let my 2011 Honda Civic go back as a repossession. What will that do to my credit.?

I want details. How many points will it hurt me? Will it hurt my current open credit cards credit limits. Will the card companies drop me when my cards expire since I have a repossession or do they not factor that. What kind of impact long term. Am I going to be dealing with this 40 years from now? I need legit answers from some qualified individuals or companies. Thanks thanks!
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Old 06 Nov 2011, 06:16 pm
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won't really affect your credit cards now but your credit rating will be horrible. You won't be getting any more credit for anything for many years. Like 8-10. also whoever financed your car will still come after you for the money, they can and will take you to court and will garnish your wages.
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Old 06 Nov 2011, 06:31 pm
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Join Date: Sep 2007
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see if you can just return it. i cant imagine a repossesion not hurting your credit, maybe not for 40 years, but i imagine it would be kinda like bankrupcy, atleast 7 years.. idk see if you can just go return it, or go trade it in for a different car if thats possible, often the dealers will pay off what you owe just so you will buy from them, plus now they get to sell what you did have.

best of luck
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Old 06 Nov 2011, 06:46 pm
Join Date: Feb 2010
Posts: 98

try to refinance you may have to pay more in the long run but if they can lower your monthly payment to something you can afford. if it gets repossessed it wont hurt horribly because it settles your debt because your car is the collateral. if this is the first blemish on your credit there is still hope for you. some people say its better to have bad credit than no credit.
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Old 09 Nov 2011, 03:09 pm
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Default Re: If I let my 2011 Honda Civic go back as a repossession. What will that do to my credit.?

try to find a way to sale it back to the dealer or anyone that will take over the payment
this is the best way , don't let them repo the car or it will cost you a lot more you will lose about 2 to 4k today but it is better this way

or rent the car to your friends so you can have the money to make the payment , you can also trade it in at the same dealer for a smaller cheaper car

If the car gets repo, they will charge you for that and the towing to the auction this is not going back to the dealer
$400.00 to $600
at the auction they will sale the car for anything no reserve they don't care
what amount they get pluss you have to pay a sellers fee about $200
lets say it sold for $16,000 and you still owe them $21.00 you are now responsible for the diference $5,000 plus all the other fees

now you will have a bad mark in your credit with repo and the total ammount you owe them, you have to pay in 3a days if not you are not going to get credit for anything and some credit cards can increase your interest rate
this will stay there for 7 years

don't let them repo the car find a solution
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