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Question By
VannhBaby

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If I let my car go back to the dealer, how will that effect my credit score?
I can't afford the payments anymore, but I have always made every payment on time.

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it will show up as a repo, and you score will probably drop. Try asking for a loan modification to lower your payments. Be honest and tell them how you feel and what's going on. Good luck my friend.

Top Contributor
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A repo is not a good thing

if they repo the car, It will show up on your report for at least 7 years.  You will probably not be able to apply for a new loan of any type and get apporved with that on your report. 

Options:  1.  Go to the finance company that holds the loan and try to refinance or modify the loan. You don't say how old the loan is or how much you owe, These will factor into how much they will be willing to refi.   2. Try for a new loan through a local credit union or your bank.  A personal or consolidation loan may be better avenue then an auto loan given that car values drop rather quickly and the value may not be there for colateral. 

Good luck

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