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Surrendered my Jeep to Santander my score has not changed since December 2017

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Surrendered my Jeep to Santander my score has not changed since December 2017

I surrendered my Jeep to Santander in November of 2017, they picked up the car Dec 10th 2017.

 

As of April 24th 2018, the remarks are reporting: charged off account and the account status is: closed. It also reporting a 7,752 balance, but I was sent a letter in the mail 2 months ago, that I owed fee etc. bringing it up to 9,800$

 

What happens next? My score didn’t go down as of yet. Will it go down in a few months? Also, I bought a new car right before I surrendered my Jeep with my credit union was this a reason my score didnt drop?

2 REPLIES 2
Super Contributor

Re: Surrendered my Jeep to Santander my score has not changed since December 2017

The jeep will get auctioned off and you'll owe the balance. If they can't get it, they'll either sue you or sell the debt. Best case is you have a repo and collection activity on your credit, worst case is repo, collections, and judgement. Don't know why you havent taken a hit yet, but you'll want to get ahead of it. 








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Frequent Contributor

Re: Surrendered my Jeep to Santander my score has not changed since December 2017

Theres a good chance it shows up on one of the auction sites. IAAI or Copart. You might actually be able to watch it get auctioned off if you search the VIN. Then youll want to pray it goes for a high as possible. If its a wrangler you have a good chance but AS-IS auctions always fetch bottom of the barrel prices. 

 

You only owned 7752 and you let them repo it? And then got a new car? Why? You could have sold it privately and certainly would have got a LOT more than what the auction would bring + those 2K of fees...... 

793 TU FICO.
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