I currently have an excellent credit score but was conned into a high interest rate on my new pickup. It's now 2 years since I bought it and have 3 left. However, I got laid off a year ago from a high paying position and can no longer really afford it. I am struggling to make the payment every month. I haven't missed a payment yet as I found a new job...just doesn't pay anywhere near what I need. My question is, how bad is it if I have the bank come take the truck back? Will it affect my credit bad enough not to receive an offer of employment as a police officer? I can't find a bank to refinance me despite my high credit score due to the high mileage and now low value compared to how much I owe. I'm way upside down on it. I need to be focusing every dime I have paying off a more serious debt. Thanks for any insight.
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Originally posted by low_clazz View PostI currently have an excellent credit score but was conned into a high interest rate on my new pickup. It's now 2 years since I bought it and have 3 left. However, I got laid off a year ago from a high paying position and can no longer really afford it. I am struggling to make the payment every month. I haven't missed a payment yet as I found a new job...just doesn't pay anywhere near what I need. My question is, how bad is it if I have the bank come take the truck back? Will it affect my credit bad enough not to receive an offer of employment as a police officer? I can't find a bank to refinance me despite my high credit score due to the high mileage and now low value compared to how much I owe. I'm way upside down on it. I need to be focusing every dime I have paying off a more serious debt. Thanks for any insight.
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Do anything you can to keep your car from getting repo'ed. I had a car taken back by the bank a long time ago when I was a young man. Took years to straighten it out, and at considerable expense. One thing, do you own a home? If so you might look into a HELOC to pay of your truck, though that is a very unsavory way to go about it. Ifnot I would continue trying to find a bank or more preferably a Credit Union to re-fi with. You are just all around in a bad situation."I would rather live one day as a Lion, than a thousand years as a Sheep."
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