Surrender Repo?

Question

Im thinking of doing a surrender repo on my car, am I still liable to pay the negative equity on my car, if so, what if I dont pay it.... what are the consequences, would a 1099 form be filed, or a lien on my property? I want to know what Im in for

Answer 1

what happens once you sign the paper for a volendar rep its going to go on your credit as a rep .. the will come pick up the car and will change you for sening a repo agent to your house the will charge you for clean the car for trans the car the action and any thing else the make up to charge you for .. if you dont negative equity  on the car the will take legal actions against you

Answer 2

Contact the loan institution and see what you can work out.  It's never a good thing when you do this, therefore anything negative will be reported and will haunt you for the next several years.

Answer 3

A Repo is a Repo.  It does not matter if you turn it in or they come and get it.  You are still liable for any deficiency balance in the loan.  If you do not pay this deficiency they will sue you for the balance, don't expect a 1099.  Depending on your state they can garnish your wages, attach your bank accounts or place a lien on any real property you may own.  This would not only be for the deficiency amount, but also any interest that has accrued as well as court costs.

If you are having problems see if you can work out something with them first.  If you still can't work something out then sell it on your own(you will get a lot more money for the car).  You will still have to come up with the deficiency to get the title.  But this will be a lot less than if they auction it off.  This is also good because instead of a Repo you now have a paid off car loan.

Answer 4

You are in for really big problems that don't just go away.  Try to negotiate a deal up front and get it in writing.  

If you can possibly hang on until you are no longer upside down, you will be far better off financially.

Answer 5

why would you want to surrender your vehicle?  So you have a repo on your record that will stay with you for years and prevent you from getting a good rate on your next vehicle, if not needing a co-signer, too?  I hope if you have a co-signer now you tell them your plans, because you will be negatively affecting their credit as well.  And, yes, you are responsible for the difference between the amount owed, and what they are able to resell the vehicle for, if they are able to resell it.  So, if you do not have the vehicle any more, why would you want to still be paying for it?  That's just crazy.  Get another job to make the payments or something.  So, if you've had the vehicle for 3 yrs, and it's a 5 yr loan, you've paid 3 yrs and a) will have nothing to show for it and b) will owe on something you don't own anymore.  Doesn't make sense to me, but who am I to judge?  You are setting your credit up for a hard time in the future.  Car dealers and lenders don't look favorably on repo's.  Just FYI your interest can be as high as 24.99% on an auto... so you may want to think twice if you have good credit and a good rate before throwing it all away.