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I was about to default on a loan for my vw. I lost my job and couldn't afford it anymore, I called them up told them what was going on and told them I had to give it back. I set up a time and gave them the keys. I checked my credit the next year and it said paid as agreed. nothing else about it from them. though I did get a bill in the mail for what was owed after auction. needless to say that didn't get paid either, still nothing on the credit about it. at the same time I had already defaulted on another loan for the civic I had at the time. I needed 1 more week and I would have had the money to pay it off. the repo man came and got it. that one went on the credit and is still there. that being said defaulting is definitely bad, I would do whatever I could to keep it from happening.
I can no longer use credit for anything, only cash. its good not to have any loans and stuff but when you need something that requires a loan you are screwed unless you save up the money.
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