Voluntary Repo?

[jhoffa34]

here is the sitch.  2000 tahoe i bought from a buy here pay here lot and got ROBBED for but at the time i was desperate.  They sold me a $2k bumper to bumper warranty that to this point has covered 0 of the issues the truck has had.  should i let the truck get repo'd so that i can just start fresh and add this bad line to the rest of the bad lines that i have or should i tough it out. its getting expensive to fix it and the car is worth 4thousand less than i owe. 20% apr. right now letting get repo'd is feeling like it makes sense, looking for guidance.

[llecs]

I'd tough it out and pay it off sooner. I don't know the balance owed at the 20% APR, but based on a recent car shopping spree, I'd guess that the added interest and fees are far beyond the $4k you are upside down on now. In other words, it'll cost you much more money to let it be repoed vs. just paying it off. Aside from the credit ding for the next 7 yrs, they can sue you'll wind up owing much more and have no car in return. Also don't let being upside down bother you. Whenever a car is financed, you are most always going to be upside down on the loan, unless you are putting down a large %.

[jhoffa34]

i am going to budget harder and just pay it off. i cant afford to add another collection line to my situation, i am moving in the right direction, adding a repo is counterproductive.

[afr4life06]

I will have to agree to paying it off. I am in the same situation. I got robbed for 28% and they werent even helping my credit with on time payments, so i found someone who took over my payments and just added to their payments so i can pay it off faster and also get it out my life. I know it tough becuase you want to know it ok to have it repo'd but like you said it would be taking a huge step back, i almost did it also till finding this site and changed my outlook. Stick in there find some creative way to make it happen and you be glad you did. Good Luck

[jhoffa34]

Thank you

[klondike]

Pay it off. They will come after you legally and you will still have to pay  and then you will have credit issues to deal with for years later. I know, I had a boat repod' and am still paying it off and have the negative trade line.