Posted: 6/1/2008 11:04:11 AM EDT
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I have a truck that is about three months behind on the payment (long story). If I do a voluntary return to my creditor will this destroy my wifes credit. Mind you that the truck is in MY NAME she did not co-sign nor is her name anywhere on the paperwork. She was not even there when I got the thing. I have been told that it will just affect me, and I have been told just the opposite. Any help would be appreciated. M500M |
Have you spoken to the creditor about doing a short sale on the vehicle? It's still going to ding your credit (and possible hers, depending on your state) but it should be less of a ding that surrendering it and forfeiting the loan entirely. |
Basically, you are allowed to sell the truck for as much as you can get for it, and the creditor takes that, and releases the title to the new owner. Then you become responsible for what is left over. Some creditors will accept this as an option because they don't want to hassle with having to try and sell a repossessed vehicle. |
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Go to this site and you can pull a free copy of your credit report. It won't give you your credit score, but it will show you all of the info on your credit lines. You should be able to determine if your truck shows up on her report. https://www.annualcreditreport.com/cra/index.jsp Whatever you do, don't use freecreditreport.com. They will sign you up for a credit monitoring service and rip you off when you try to cancel it. |
+1. After using this, you can pay Equifax $5 to get your FICO score, if you're interested. |