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Car repossesion question

carolna
New Member

Re: Car repossesion question

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. 

Message 11 of 13
daboss28
Frequent Contributor

Re: Car repossesion question

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.

 

 

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Message 12 of 13
guiness56
Epic Contributor

Re: Car repossesion question


@carolna 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.

 

Message 13 of 13
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