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Dear Terry,
I financed a used 2001 Mazda Tribute for my husband in November 2007. Now, the transmission has blown. The cost of the repair is around $2,000. We do not have the money to fix the car and the outstanding loan is around $7,000.
I have good credit but I am considering turning in the car to the financing bank. What do I do? I am very concerned — I don’t want to destroy my credit.
— Tanya
Dear Tanya,
Whatever you do, don’t turn the truck back into the bank. It will damage your credit just the same as if the bank repossessed it. Look into a short-term loan to fix the transmission, if possible.
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