auto
Dumping car on lender will trash credit
 Dear Terry,
I have a question about voluntary repossession. I got ripped off over a 2002 Chevrolet Tahoe. Now that I want to trade this car for something smaller, the car dealers won't give me anything because of the high payments.
I have good credit. So, I was thinking about voluntarily repossessing this car and buying another one. Please give me advice. Am I stuck with this Tahoe for a couple more years?
--
Nicole  Dear Nicole,
You may have good credit now, but you won't if you simply dump this vehicle back on the lender. A voluntary repossession is as bad on your credit as having the repo guy snatch the vehicle in the middle of the night.
Hang onto the Tahoe a few more years until the loan balance is less than what it's worth. Then, get a new car.  | | Here are this week's reader questions: | | | | • | Trading in gas guzzler may cost you | | • | Should I take out a loan for my fiance? | | • | Can a lender pursue payment after a repo? | | • | Will a "voluntary repo" trash my credit? |
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