Chosen by Asker

as much as 100 points, give or take a few. the bad thing is this is going to hurt you for a while. it will be on your report for at least 7 yrs. the plus side is that a voluntary repo always looks better than an involuntary one. i would avoid it at all costs and try to cut expenses else where so you can make the note. your local bank may help you refinance so you will have a more affordable payment. reposession does not mean you are free of the debt. they will auction off your car and apply whatever they get for it to your loan balance. you are still responsible for the rest of the loan amount. try to sell it on your own if there's no way you can afford it.

by Laura-belle

3 weeks ago

Asker's Rating: 

There is no exact number that ANY one event affects a person. The amount it will affect you is COMPLETELY tied to EVERY other part of YOUR credit history. It might drop one person 100 points, but someone else with great credit might only be 50 points. Unfortunately, the consequences for defaulting on a loan is quite severe. You are probably looking at a 75-100 point drop.

by Ryan M- 3 weeks ago

They will give you apraised value on your car. You may not get the 36,000 back if the appraised value is lower. My suggestion, since car dealerships give the lowest payouts on buying cars. Go to walmart and ask them if you can park it in their parking lot with a for sale sign for a couple of days - tell them your situation. Or go to different used car dealerships and get at least 3 estimates and sell it on your own. /

by Judy- 3 weeks ago

Auto finance is what I do for a living and as far as points are concerned your looking at between 150 and 200 right off the top depending on what else makes up your credit profile. The much larger problem is your car is going to be sold at auction for far less then it's worth and Toyota will come after you for the difference which is going to be several thousand dollars by the time they add in all the fees for storage, reconditioning, interest, auction late payments lawyers and anything else they can think of. They can take you to court and seek a judgment, if they receive one they can attach your bank accounts, garnish wages if you work and your State allows it and file liens on any other real property you may own like cars, boats, land and homes. All of this will show on your credit for the next 7 years and make it very hard to get approved for any other types of loans without making massive down payments, paying huge fees and State maximum interest rates. You would be much better off if you could sell it yourself and take out a personal loan to pay the difference at least this way you could salvage your credit. Or even find a good friend or family member that would be willing to take over the payments. Good luck.

by SPIFIMAN1- 3 weeks ago