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Posted in Auto Loans
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Question By
hdchick

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What happens if i let my vehicle go back?
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Top Contributor
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well they auction it off to get what you owe back the difference is what you owe them they put a chargeoff on your report and sent you to collection for the difference. if you don't pay it

if you don't have any missed payments and you voluntary give it back i don't know but if it gets repoed that is what happens or at least to me

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 If you voluntarily give it back it usually stays on your credit for 3 years. I believe it works the same way as a repo but a repo stays on your credit longer.

Top Contributor
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 I had a car repoed they sold it at auction got back their money PLUS gave me a refund on the overage they got at auction and STILL but it on my report as a repo and refused to remove it. Luckily it is finally dropping off at the end of the year. I couldn't even get them to take it off early.

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