Credit repair after a car repossession (even a voluntary repossession) leaves Julio Comprano of Kissimmee, Florida, regretting his decision.
“At the time, I thought I made the right decision,” Julio shares. “Money wasn’t so tight when I leased it.”
Julio tried to lower his payments, but the dealer claimed there was nothing he (the lender) could do to help him.
With that, Julio stopped paying before dropping the car’s keys off at the dealer.
Without a whole lot of thought (ouch!) of consequences, Julio let go (voluntary repossession) of his ‘08 Toyota Forerunner’s $500 a month payment.
Little did Julio realize the pain associated with giving a car back, whether voluntary or involuntary.
JULIO REGRETS VOLUNTARY REPOSSESSION
Julio didn’t know a repo would kill his credit…he lost 180 points! (your results will vary depending on your credit condition).
- Julio didn’t know he’d get hit with a deficiency judgment for the difference between what he owed and what the car sells for PLUS lots of fees.
- Julio didn’t know he could buy out the lease and then finance the car with a conventional loan at a longer term, dropping his payment. Only after he gave the car back did Julio even hear about alternatives to repossession, voluntary or involuntary.
- Julio didn’t know the dealer would hit him for a penalty in interest and other costs for early termination of the lease, which means he’d probably have to pay more than the car is worth now.
Though neither option is ideal, Julio did not realize just how suffocating bad credit really is. It sucks. He now wishes he had kept the car, worked a second job to keep payments current & tough it out.
He wished he could have rounded up a lender who would finance the car for seven years or longer on a loan exceeding 100 percent of the car’s current value. Especially in today’s credit-squeezed predicament, many lenders will refinance.
In this case, Julio wished he had tried harder to keep his car to avoid killing his credit. What is your experience with a car repossession? …any regrets? What, if anything, would you do differently? Do you think a second job is what Julio should have done?
Credit repair after a car repossession sucks! It’s the double whammy. Julio gave up his car, his credit & his life free of debt collectors. Julio never imagined he’d get stuck with the deficiency balance…a JUDGMENT for years.
Republished by Blog Post Promoter
Welcome back! Got a question for me...or an experience to share? Please go to the bottom of this article to ask a question or share an experience. :) Thank you!
Related Posts -
Brad's Credit Card Bad History Caught Up With Him, Leaving Him To "Thumb" A Ride To Work! Brad Scott’s credit card bad history has caught up with him. He’s a whopping $11,244.36 in credit card debt and he needs a car to get to work. Last Saturday, Brad hit the road in a friend's oil-burning piece-of-crap to see what kind of deal he could find from car...... -
Repair Credit Fast Case Study: Julio's Bad Credit Turns Into Keys To Dream Home! Repair credit fast case study #10 proves that bad credit can result in the keys to your new dream home. Recently I had the pleasure of meeting (& helping to "make") a truly extraordinary bad credit success story .... His name is Julio Muniz. Julio recently "retired" from active military...... -
Avoid Identity Theft Email Scams Targeting "Funny" Jokes Blasted To Friends! "Avoid identity theft with simple preventative computer use, including NOT forwarding those 'funny' or 'inspiring' emails to your entire address book," claims Internet Security Expert Roger Milligan. Today, I received what should have been a "harmless" email from a lady who blasted an email (see below) to her entire address...... -
My Credit Check Left Me Feeling Hopeless Until I Discovered The Real Secrets To Repairing My Credit! "My credit check with Equifax can’t be right. My scores dropped from 532 to the low 400's! What happened? I did what I thought I needed to do to fix my credit. Please help. Thanks, Rebecca Castle" Rebecca wanted to rebuild her credit! She wanted the credit repair "easy button"...the...... -
Repair Credit After You Drop The "B" Bomb Is Not As Difficult As You Might Think! Repair Credit after a serious "business decision" forces some people (but not celebrities) to check out of life and never recover financially or emotionally. Bankruptcy is "scorched earth," right? Bankruptcy only happens to bad people, who are irresponsible losers, right? Bankruptcy ruins people's lives with a BIG "B" tatooed onto......
- Ken Griffey, Jr. Sports-Memorabilia -> Fan-Apparel-and-Souvenirs -> Baseball-MLB Ken Griffey Jr is a baseball player from Cincinnati who has played for the Cincinnati...
- is it too fast if your bf dates with you after break up with his ex for 34 days? is it too fast if your bf dates with you after break up with his ex for 34 days? they've...
- Home Improvement Grants for Home Improvement Help If you are seeking out home improvement help, then one of the best things that you can do, at least...
- Looking on the bright side My husband's car needs a pretty significant repair (a new rack & pinion) and some maintenance (timing belts replaced, a...
- Getting Started With CVS - A Newbie Guide I mentioned last week that I finally got around to getting a CVS card. I am very new to this...
Loading ...
