Legal Question in Credit and Debt Law in Massachusetts

What options I have to return my car without damage my credit

I want to return my mercedes 2003, i paid US$10,000 down, i financed US$24,000 and now i owe to the bank US$19,000 with 13% interest, but i dont want loss my credit, i dont want trade for other car, i been have the car for 2 years, what options i have, no matter what i have to do, i just dont want to damage my credit. do i have choices?


Asked on 4/22/08, 9:39 am

1 Answer from Attorneys
JOHN TATOIAN LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts

Re: What options I have to return my car without damage my credit

You basically have three options with respect to the auto loan; 1) Stop paying, 2) Continue making payments according to the terms of your loan or 3)Liquidate the vehicle and negotiate a payoff figure. The last two options will have no adverse effect on your credit.

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Answered on 5/04/08, 6:25 pm


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