I'm currently paying off a car
loan from a buy here pay here car lot. What will happen to my
credit if I give the car back?
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I'm currently paying off a car loan from a buy here pay here
car lot. What will happen to my credit if I give the car back?
The dealership is most likely going to report it as a repossession
and it's going to show on your credit for the next several years.
When this takes place, it's going to be very difficult for you
to get other types of loans. For example, home mortgages, refinancing,
car loans etc....
The dealership can also take you to court and win a judgment
against you for the remaining balance. They can potentially garnish
wages assuming your state allows it. Please understand that's
a very rare circumstance. BHPH dealers are in the business of
selling dependable vehicles to consumers. They aren't in the business
of suing their customers.
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