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Posted in Auto Loans
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troutchamp

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Bought new car and now I cannot pay note!
Bought a brand spankin new Ford F150 and financed through my local credit union. I was upside down in my previous vehicle and had it rolled over. I can afford another vehicle, just not this car and I am going to give it back to the bank.

How bad is this going to spank my 700 credit score and when would I be able to purchase a different vehicle?

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typical american buying more then they can afford....rule of thumb for a car is to buy 3 years old so most of the depreciation is paid by someone else and you still get a nice car with warrenty....this blip will drop your score minimum 20 points and as high as 40 points best of luck with financial decisions in the future and as far as purchasing a new vehicle you could do the next day it won't when you can get a another vehicle just how much more interest you will pay because the new car note will be at a higher interest rate because of a lower score and you will less money to put towards it because your return the new truck whick lost 1/3 of its value the moment you drove it off the lot making it worth atleast 10k less then what you paid for it 

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