No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Is voluntary returning a car considered repossesion?
I purchased a Toyota car 4 months ago with a full trust from the dealer that the recall problem is over.
A month later I got a letter saying I need to bring back to fix a recall problem.
For some reason I could not bring it until another letter came for another recall problem.
Then I heard from the news that there is another recall problem but
I did not get a letter.
I am planning return the car as I see that Toyota is not really clear from the recall problem yet.
Currently I have a FICO score of 782. I haven't missed any payment
Will it affect my score and what will be the other consequences.
I would get in contact with Toyota and ask them what are the concerns with your particular model. If they have a "solution" and for some instances they do, they will do the repair work at no charge because it's a engineering flaw. There may be nothing wrong with your car but you should atleast contact them to be certain of your situation.
@Anonymous wrote:Is voluntary returning a car considered repossesion?
I purchased a Toyota car 4 months ago with a full trust from the dealer that the recall problem is over.
A month later I got a letter saying I need to bring back to fix a recall problem.
For some reason I could not bring it until another letter came for another recall problem.
Then I heard from the news that there is another recall problem but
I did not get a letter.
I am planning return the car as I see that Toyota is not really clear from the recall problem yet.
Currently I have a FICO score of 782. I haven't missed any payment
Will it affect my score and what will be the other consequences.
In the general sense, yes, voluntarily returning a car would be considered a repossession.
With all the issues you have with the car maybe Toyota would do an even trade for another one.
A repossession is a major derogatory and the damage to your score would be significant.