HI everyone, i just found this Forum and its good to see a place where ppl are willing to help. My problem is that i got a truck 7 months ago with Carmax, financed under Carmax bank, im not sure if they're under a different month. basically i got laid off 4 months ago and havne't done the last 2 payments, they're telling me that if I i dont pay by the 15th they will tow it. At this point i've decided to let them take it and get a cheaper car, since i pay $470 on this truck. My question is, is there anything i can do that will hurt my credit less? i am aware its going to take a big hit either way. thanks in advanced for the advise.
No matter how you deal with a repo it's going to really hurt your credit. My advice is do whatever you possibly can to get current on the loan and then try to sell the car as fast a possible. Can you borrow any money from family/friends or sell something on craigslist to get enough to catch up for the time being? Then sell it and get something you can actually afford.
