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HELP AUTO LOAN

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Society1
Regular Contributor

HELP AUTO LOAN

 

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 

 

2 REPLIES 2
JoeRockhead
Community Leader
Super Contributor

Re: HELP AUTO LOAN

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.

 

Message 2 of 3
Slabenstein
Valued Contributor

Re: HELP AUTO LOAN

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?


Message 3 of 3
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