In NJ can not afford my car payments anymore, if i return it to the finance company is this consider

the finance company is americredit and i have 3 years left ona 6 year loan. I m in NJ

In NJ can not afford my car payments anymore, if i return it to the finance company is this considered a repo?

Yes, it will show on your credit report as a reposession which will stay on your report for 7-10 years. If you can%26#039;t afford your payments, look into refinancing. Credit unions are usually really good about refinancing existing auto loans. If you%26#039;ve been paying for 3 years, you should be able to refinance and get a lower monthly payment, I would guess about $100 or so per month cheaper than what you are paying now. However, that depends on your current loan balance and your credit rating.

In NJ can not afford my car payments anymore, if i return it to the finance company is this considered a repo?

voluntary repo and you%26#039;ll have to pay the difference from what the bank gets for it and what you still owe

In NJ can not afford my car payments anymore, if i return it to the finance company is this considered a repo?

It looks like you have to give it back you afford it right now and good luck to you

In NJ can not afford my car payments anymore, if i return it to the finance company is this considered a repo?

Before you do that, go to Kelly Blue Book (www.kbb.com) and find out what your car is worth. If it is worth more than you owe, try to sell it. (And tell the bank what you are doing - they might be willing to work with you if they know you are trying to sell it.) If you do sell, I have had very good luck listing on www.autotrader.com.

It will be better for your credit if you pay off the loan rather than giving them the car. Good luck.