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| *Loan,banking and credit>>>auto loan |
I need to get rid of my auto/loan, is there such thing as vehicle surrendering? |
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...... 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. 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..... 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. 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. you can surrender it--but you will probably still owe money, and it is not good for your credit rating. Best idea is to sell for at least what you owe--but that is not always possible. 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! 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. |
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