How does a car repossession affect getting a home loan?
massively – give giving up the car wont do anything – they will sell it at auction and whatever the loan balance minus what they get at auction (which may be a lot less than you think it’s worth), they will add on a few 1000 for repo fees and then start coming after you for the balance – if the loan balance is 15000, you could actually wind up still owing 10k or more and no longer having the vehicle – it happened to me years ago and forced me into bankruptcy
