I have my car listed currently for sale but I need to get rid of the payment by next month or so! Are there any options such as surrendering the vehiclefor what the loan amount is, if so can you offer some direction......
2007-03-12 12:58:32 · 11 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
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.
2007-03-12 13:03:12 · answer #1 · answered by by the way which ones pink 2 · 0⤊ 1⤋
I just did it a couple of days ago. You can voluntarily send the vehicle back to the bank with a note stating this and leave it in the vehicle. If there is nothing wrong with the vehicle, they will send it to an auction to be sold and take that money and apply it to the loan that you owe and whatever the difference is, you will be required to pay that over a monthly period until the matter is dissolved and it won't count against your credit rating. Your bank handles all of this since that's where the loan came from and just tell them that you want to surrender your vehicle. And they will tell you what to do. This will be reported as a voluntary surrender and not a repossession. If you cannot make payments on the vehicle, tell the bank that and they will make arrangements for you.
2007-03-12 13:10:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes.. there is always THAT option (returning it to Lien Holder).
This is known as a Voluntary Reposession.
Beware, it will kill your credit. Defaulting on car loans is 2nd only to a Home Foreclosure and your credit will NEVER be the same again for at least 7 to 10 years.
Think carefully!
Good Luck!
.
2007-03-12 14:15:22 · answer #3 · answered by rob1963man 5 · 0⤊ 0⤋
Call your lender.
Down here in my city in Texas - you can allow them to take possession, but then they sell it and you are liable for the difference between what THEY sold it for and the remainder of the loan. You can sell it to a dealer - and use the money to help pay down the debt - but again, you will be liable for the difference.
Surrendering can seriously damage your credit rating - again, TALK TO YOUR LENDER. Maybe you can refinance for a lesser payment amount... you never know until you ask.
Good luck, hon! --Peace.
2007-03-12 13:10:06 · answer #4 · answered by Depoetic 6 · 0⤊ 0⤋
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2016-12-01 21:56:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋
honestly man u cant surrender the vehicle unless u file bankruptcy and in that case ur credit will get screwed over. Only option u have is to sale. go to www.craigslist.com n post ur car there. good luck!
2007-03-12 13:08:56 · answer #6 · answered by L U K E 2 · 0⤊ 1⤋
It depends on the worth of the vehicle, and the amount still due on the loan. You can do a voluntary repossession, but you would still be responsible for any amount leftover, and it would ruin your credit. It will be reported as a repossession whether they come get it, or you bring it to them.
2007-03-12 13:03:22 · answer #7 · answered by oklatom 7 · 0⤊ 2⤋
No the only way to get out of your loan is to pay it off. I have been in your shoes. You can pay it off by selling it however you have to pay the loan off ir the car will get repossed. Even if you "voluntarily" let them reposess it, it will still mess up your credit just as badly.
2007-03-12 13:04:07 · answer #8 · answered by Mike Hunt 5 · 0⤊ 1⤋
Better try selling it a bit harder. You will be on the losing end big time if you surrender the car.
2007-03-12 13:10:12 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Surrender is a fancy name for 'repo'. The bank will auction off the car for wholesale and will make you pay the difference (which in some cases is thousands of dollars). Then you will be stuck with a repo on your credit report for seven years.
Hope you liked that car.....
2007-03-12 13:01:44 · answer #10 · answered by Anonymous · 0⤊ 3⤋