Chosen by Asker

Do not surrender the vehicle. it will still be counted as a repo.. they will sell your vehicle at an auction and you will still be responsible for the balance on your loan.. they sell them at the auction for very cheap. and make you pay all towing and storage costs. also if you never pay it depending on what state you live in they can garnish your wage for the debt. Also, a good site is... www ... Have a nice day.

by Johnnie A

2 weeks ago

Asker's Rating: 

There was a time I was in the same boat as you. I took the car back to the dealership and handed them the keys so I wouldn't rack up repo charges. I never heard anything from them again. Hopefully the same will go for you. Good luck.

by catlady- 3 weeks ago

No, It will still go on your credit as a repo. Sell the car as cheap as you can even if you have to ad a few hundred to the pay off amount yourself. It beats a repo.

by j17110- 3 weeks ago

The proper way to do it is to call the company who holds your car note and tell them you can no longer make payments and that you want to surrender the vehicle. Most companies are very nice and may even be discreet. (Like coming to pick it up during the day when your neighbors are at work.) You will be liable for the note or the differece between what you owe and what they sell it for. Bankruptcy will clear that debt up (chapter 7). Good Luck!

by Debbie Rider Blazosky- 3 weeks ago

Whatever you do, you owe the balance on the loan. Giving it back to the finance company pretty much guarantees that the car will be sold at auction for the minimum amount possible and you will owe the balance. You can always get more by selling it yourself.

by MadMan- 3 weeks ago