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.
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