DYK Post

Let bank repo car or no?

Hello, was curious to what people think. I have a vehicle and have fallen on hard times, like most Albertans.

I was thinking of letting the bank repo the vehicle and buying a cheaper vehicle, but I know that this could wreck my credit.

Anyone gone through this? Good or bad idea?




16 Responses

  1. You can phone finance or lease company tell them you can not pay anymore and tell them where to pick it up can not bless blood from a stone

  2. If its financed and not leased, make them show up with a bailiff to seize your car. If you bring it back to them it can be considered voluntary and they can still try and sue you because they didnt technically seize the car.

  3. If they repo it, it comes off your credit report. Hide it and it continues to mess with your credit

  4. Why dont u see if someone will take over the payments?

  5. With the UCP in power we are going to see more and more stories like this….

  6. If you can buy another car for cash then you can. Just realize you probably won’t be able to finance another car for a year and it will be high interest. 20% plus. You won’t be able to finance another vehicle when you repo.

  7. Jeff Dostie Jeff Dostie says:

    I did that once thinking it was the right thing to do and let you tell you it will come back and bite you in the ass quicker then you can say ouch. It stays in your credit for 7 years and that’s the one thing they always look at.

  8. Penny Miller Penny Miller says:

    We returned our Mustang to Ford no reprocutions, we did not have to pay the balance. Only in Alberta.

  9. Talk to the dealership to find another vehicle with a better payment plan. Or of you have a line of credit use it and pay off the loan if it’s at higher interest rate

  10. Diane Wilson Diane Wilson says:

    You can do this but I would only go for it as a last resort. Talk to the dealership and see if you can refinance your loan or if you have other options first.

    Rebuilding your credit is tough but doable. Good luck; I hope thins look up for you soon!

  11. Nicola Robak Nicola Robak says:

    credit counseling see if they have ideas

  12. It depends, did you lease or finance?
    Finance – seize OR sue.
    Lease – seize AND sue
    I personally have had to do this … I went and spoke to my dealer (have been using the same dealership for YEARS) and he got me into a more affordable unit and I did a voluntary repo on my other car. Went from 330 biweekly to 184 biweekly.
    What’s more important to you? Survival or credit? It depends on where you are and how deep in the hole you are.
    Good luck.

  13. Even I know not to do that…

  14. You can do this but it takes quite a few years to rebuild your credit.

    Are you able to refinance the loan to lower your payments?

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