involuntary or voluntary repo????

[steelman]

I have a suv that i cant afford an i am 2 month behind on the payment . I tried to trade and i am upside down by $10,000 so that didnt happen. Credit aready is not good. Chase is the bank an they want me to do a voluntary repo. Does it matter if is a invol. or a voluntary repo? . Is one looked at better than the other on ur credit an is one easier to get removed than the other?

[stone4779]

Doesnt make any difference at all. Itll be just as bad. Hang on to it lol.

[steelman]

Hanging on to it is not a option. If it was i wouldnt be in this situation. lol Plus that was 3 months ago. Need to fix credit now.

[steelman]

Well they came and repo the truck at the end end jan. Now i owe $8000 on it and the calls have started. They want me to pay $3000 and im dont have it. But i dont want to pay any thing if it still going to be on my credit report. I cant pay the $3000 till may of 2012. Wife is in school full time . She will be done in april of 2012. They want me to pay $50 a month till then. Chase was the finiance company but a collection company is the one calling now. I dont want to pay the $3000 and it still be on my credit. So what options do i have now. Its on my credit now .

[Lian]

After they repo'd the vehicle, they will sell it to recoup some of the debt owed. You are only obligated for the difference between your indebtedness at the time they took possession of the vehicle and the amount they have recovered. You need an itemization from them as to their current recovery in order to determine your remaining indebtedness.

[killakali]

I had the same issue. The OC reported it and still is until it expires (in another 4 or 5 years). They never showed paperwork of it being sold. I called them for the balance and it's for the same amount of my loan and claimed they only sold it for $1?

Another thing, after I returned the vehicle (because it kept breaking down), a couple of months later, I get a letter from a high school thats 40 miles away from where I'm at stating that I owe money for a parking ticket and it shows the date which is far after I returned that peice of crap vehicle.

Anyways, I think I'm just going to let it go and let it expire? Or does anybody have any suggestions?