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Possible credit problems because of what the appraisal person said to do with my car?
Just how much damage would a repo do to a credit report for the first two years, and then longer down the line?
If you took out financing for a car for $8,000 and you still owe $3,500
and the car was appraised for trade in, the car is such negative equity that they refused to take it as a trade in, even though the engine and transmission are brand new because the owner actually spent 5 grand to at least have it running with a brand new engine and transmission, but it still doesn't run well, the paint is chipping off, it has huge dents, what would be best to do with this car?
The appraisal personnel suggested actually letting the finance company come and repo it?
Would it be wise to remove the expensive parts that you paid for first? ($5,000 engine and transmission) ?
Do you think the repo/finacne company would give a fair price with these parts? how about without?
is it REALLY wise to do what the appraisal person at the car dealership says to do, which is to call the finance company to come get the car? It is negative equity because of the way it looks but it has expensive parts inside worth almost $5,000
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