How bad can a repo hurt my credit at 19?

How bad can a repo hurt my credit at 19?

My mom and I leased a 2012 car which im paying $400/mo. A car under a lease contract requires more liability so the insurance would be another $350/mo. Im planning on moving out of my mom'-s house in about 4 months. and my mom is filing bankruptcy. She says that Im paying far too much for the car itself. She suggested I return the car. I know it'-ll hurt my credit. And I'-d like to go ahead and get an older car.However, how will I be able to sign the lease on the apartment if the repo hurts my credit?How hard will it be to buy an older car with the repo in my credit?I just want out of the contract.The dealership really pressured my mom and she'-s really upset with the outcome of the contract.I dont have an outstanding credit. I'-m just starting.Thanks

falsi

If your car is repossessed, don't count on getting another car loan or a credit card for 2 to 5 years. Do whatever you can to avoid repossession.

Stan

If the balance owed is over Stan

If the balance owed is over $10,000, you should do what your mother is doing and file for bankruptcy. Do not volunteer to turn it in. If your mother does not charge you rent, I suggest you think twice before you move out. I remember when I got my first job in 66 and I moved out but I ran home 12 months later and stayed there until I got married in 73'Source(s):Retired bill collector 35 years

0,000, you should do what your mother is doing and file for bankruptcy. Do not volunteer to turn it in. If your mother does not charge you rent, I suggest you think twice before you move out. I remember when I got my first job in 66 and I moved out but I ran home 12 months later and stayed there until I got married in 73'Source(s):Retired bill collector 35 years

SPIFIMAN

Auto finance is what I do for a living and the answer is real bad.If your Mom declares bankruptcy she will be free of the debt which means it will be 100% yours.If you let the vehicle repo it will show on your credit for the next 7.5 years making it very hard to get approved for any other types of loans for at least 24-36 months.Plus you will still be responsible for paying for the vehicle. The lender will sell it at auction for far less then it's worth and then come after you for the negative balance plus all fees associated with towing, storage, reconditioning, auction fees etc. This will amount to several thousand dollars.If they take you to court and win a judgment they can garnish your wages (if your State allows it), attach any bank accounts you may have and file liens on any other real property you may own.Avoid this at all cost.Source(s):Finance Manager foe a car dealer for over 12-years.

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