topic HELP AUTO LOAN in Auto Loans

HELP AUTO LOAN

Society1 — Fri, 29 Dec 2023 04:07:13 GMT

Had my business up & running it failed in a way. Put the truck under my LLC & PG’d it.

All payments on time but I’m not able to keep paying it w/o making no money from it. Question is it possible to call the lender & ask to return the vehicle before it have a negative impact on my credit ? All payments are on time & im also financing another vehicle with Huntington bank with all payments on time

Re: HELP AUTO LOAN

JoeRockhead — Fri, 29 Dec 2023 08:12:32 GMT

I'm sure you could turn it in. It would be considered a voluntary surrender.

This would essentially have the same effect on your credit as a repo.

Re: HELP AUTO LOAN

Slabenstein — Fri, 29 Dec 2023 17:40:34 GMT

As @JoeRockhead stated, you won't be able to surrender it to the lender without a negative impact on your credit. How does the current loan balance on the truck compare to what you could sell it for?