I can't pay my car and I want to return it (be reposses) What do I do?

Question

This is not my car. I'm trying to help my friend with a solution to her problem. She lend her credit to his ex to buy a car. He left her and the car also. Now she has two car payments and she can't pay both.

Answer 1

Eagle Keeper is correct. Honky Kong is also right.

If you either let it be repoed or voluntarily turn it in, you're screwed.

You are indeed liable for the difference that you owed and the amount the car brings at auction. Having a car repoed will cost you thousands of dollars, as well as destroying your credit. Don't let anyone advise you to take this action.

Do what you can to avoid the repo. Call your lender, cut back on expenses, etc.

Answer 2

A friend of mine saw this question while I was reading it. She told me to type this.

"This exact thing happened to me about 10ish years ago. We couldn't afford the car and the loan officer 'helpfully' suggested we just take it in and give it up and they'd sell it for us and everything would be wonderful. Hah! We were so so naive.

"They took it, sold it at auction for many many thousands less than what the loan was worth, sued us for the balance + fees + a bunch of other charges they could legally get away with and then put a judgement against us which led to a garnishment on my paycheck for an obscene amount every pay period until it was paid for.

"The pisser was -- the monthly auto payments were less than the garnishment. It was SO annoying."

Answer 3

Your question is vague and not very informative. If you can't pay for the car, you should not have gotten it in the first place. You need to live within your means. If your car is repossesed, your credit will take a serious hit in score. The bank will sell the car for whatever they can get for it & you will be left with the difference. Normally you simply can't return a car to the dealer. They don't want it back. Talk with your bank face to face & work it out. Do it Monday first thing before you get too far behind and face serious issues.