What happens if i give my truck back to dealer and i havent payed it off???

Question

I HAVE GIVEN MY TRUCK BACK TO THE DELAR WITH OUT FINISH PAYING IT... HOW BAD COULD IT ACTUALLY RUIN MY CREDIT AND HOW LONG....ALSO IS IT POSSIBLE FOR THE DELARSHIP TO CHARGE ME ANY AMOUNT....IF I DONT HAVE THE MONEY HOW WOULD I PAY IT BACK WOULDENT IT BE COMEN SCENSE IF I DONT HAVE THE MONEY TO PAY FOR THE TRUCK HOW AM I GOING TO PAY FOR THE DIFFERENCE...WHAT WOULD BE THE BEST THING TO DO????

Answer 1

They will take any money that you make for the rest of your life till its paid off.

Answer 2

You are describing a Voluntary Repossession and it kills your credit.  You probably won't be able to finance another house or a car for at least another 5 years.

Your truck will be sold at auction and the difference will be charged back to you.  If you don't pay it, the bank sues you, wins, and your wages will be garnished.

For example, you owe $10K on the loan and it sells at auction for $7K.  You still owe the $3K to the bank.

You pay the difference by getting another job to make more money.  

Common sense should have come into play when you were purchasing the vehicle. You should have gotten a vehicle you could afford.

Answer 3

Jay's answer is correct.

You did a "voluntary repo". It'll still hit your credit like a hammer, and you'll still be liable to pay the difference between what it brings at auction and what you owed.

Be prepared for a lawsuit (if you can't pay), and wage garnishment.

Answer 4

It depends.  If it's a buy-here-pay-here dealer they'll sell it to somebody else.

If it's a normal dealer, then they don't have anything to do with it.  They'll call the bank that owns it.  The bank will sue you and easily win, and you'll have to pay back every penny you borrowed.

That's what happens when you borrow money - you get to pay it back, with interest.

Answer 5

The bank who extended you the credit will pick the car up from the dealer, have it cleaned and sent to auction.  It will then be wholesaled to the highest bidder, considering it is a truck, the value is going to be very low.  After the sale, the bank will charge you the difference between what it was auctioned for and what you owned on the loan, this will amount to several thousand dollars, plus the make ready fee, and auction fees.  

At the same time, they report to the credit bureaus that you have a repossession, and this will stay on your credit report for many years to come.

If you do not pay, the bank can do whatever is allowed by law in your state to collect the money owed to them.

I know it's done, you've already roped your car, but man, that may have been the worst decision you could have made.