Can I voluntary give my car to the bank?

Question

I still own to the financial institution about $14.000. My payments are around $396/monthy, plus insurance and gas = $ 600-$700. That's what I'm spending every month on my car. The dealer made financial, not loan. I intend to go back to my country next year, but I don't want to leave without paying my bills, so I don't really care about bad credit.

If I give my car to the bank, are we going to be even?

I don't know what to do, any suggestions, please?

Answer 1

YOU CAN GIVE IT BACK. THEY WILL SELL IT. YOU STILL OWE THE DIFFERENCE BETWEEN WHAT YOU OWED AND WHAT THEY SOLD IT FOR PLUS LEGAL FEES.

Answer 2

You have the option of returning the car to the bank.  It will be classified as a "voluntary repo".  This will still have a very negative impact on your credit rating and will be listed as an I8 on your credit, the worst account rating is I9.  The car will be sold at auction and you will be liable for the deficiency balance.  $ owed-$ earned at auction+repo fees=deficiency balance.  I agree with en earlier post that recommends you selling the vehicle on the open market instead.  You will more than likely get a better price.  Keep in mind that you should still keep making payments, most lenders only allow you to get as far as 60 days past due before putting it out for repo.

Answer 3

What's the car worth? If you can sell it for as much as you owe do that and pay them because you will get more on the open market than they will at auction. Talk to your lender.

Answer 4

Your situation are typical for a lot of people,so,be patient and calm down,check the resource i found useful.http://carinsurance.expertsupport.info/a...

Answer 5

No.  That is a repo, voluntary or not.