Wrecked Car With No Insurance

[wattson48]

I wrecked my car about 3 months ago and I did not have any insurance.  The accident was not my fault but, I was told that because of changes to Louisiana law I would be responsible for my own damages. I am still paying a car note on this wrecked car, paying for a rental, and am about to have to come up with approximately $5000 to have this car repaired.  My question is would it be better to just give the car back and if I do how will my credit be affected when trying to get another vehicle? I have one year left to pay on the car!

[taggart]

You have quite a dilemma. My first question is what would the car be worth once repaired? A voluntary repo can be a major ding on your credit and you will never recover much on the sale. The lender would still come after you for the remaining balance and you will have to pay anyway. Another question is do you have $5000 to get the car repaired? I cannot make the decision for you but you need to think seriously before you give up the vehicle. It could take a while for your credit to recover.