Voluntary Repossession

by Abel
(Tamil Nadu)

I lost my job after I bought a car. I applied for a voluntary repossession.

The car was financed for $10,000. They cut me a sweet deal that allowed me to pay $800.00 in a lump sum, and $300.00 over five months.

It repaired my credit and lowered the amount owed to $2,300!

Now I do not have to pay a car note and the bus system here is pretty good.

Mom's Comments:Abel, thanks for the bit of humor. Sometimes when dealing with credit issues, like voluntary repossession, can be so serious that if we don't laugh, we will cry.

We did the same with our car during bankruptcy. Never thought it would be that easy. We took the car to the auto dealership, said thank you and left. Would have never dreamed it would have been so simple.

Giving up your car is not an easy decision to make. You have to do what is right for you and your family.

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