Asked 3/25/2010
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If I turn in a car I can no longer afford can they put it on my credit report as a repo. I purchased a car 6 mos. ago I was diagnosised with Congestive heart failure and have not worked, so I can no longer afford to pay for the car I want to turn the car back to Wells Fargo, but my concern is will this show as a repo on my credit report. |
Answer 1/2 - Submitted 10/3/2011
Answer 2/2 - Submitted 10/3/2011
Unfortunately, there is little or no difference between voluntarily returning a car and a repo. Either way, it hurts your credit badly.
However, regardless of what you do, remember that being able to afford your needs is a lot more important than what goes on your credit report. You can always improve your credit when you have the money.
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