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You've got a 2005 car financed through Toyota and want to turn it in need to know your responsibilities when that happens?

Eric Morgan

in Student Loans

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Victoria Fowler on October 14, 2018

Response . You are about to make a big mistake. If you can't make the payments, then look for someone to take over payments or contact the lender and see if you can work a littlething. Once the car is repossessed, Toyota is going to sell the car. You will be responsible for the difference in what Toyota sells the car and what the balance of the account is, in addition to repo rates. This will remain on your credit report for 7 years. Do not do this unless you absolutely have no other option.

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