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want to surrender my car

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K

kaniya1

Guest
What is the name of your state? TN
i have a car that i can no longer afford. i wanted to voluntarily surrender the car, but i owe $8000 on the car. the loan company told me they would sale the car retail and it would only bring roughly $2000 and i would have to pay the rest. my problem is i can't afford to keep the car because my ratio to debt is terrible. i was trying to get from under some obligations. if i voluntarily surrender the car can they sue me for the amount i owe and also can they garnish me?i asked them if they could refinance my loan so my payments would be lower and they say they can't do that either. i don't know that to do.
 


crusheroz

Member
Yes, they will sue you for the amount owed and their legal fees and any other fees they put on there. If they sue you and win, they can garnish your wages, bank account, put leins on any property you have. Have you thought about filing BK? If you are in that much debt, it might be an option. Also it is tax time, you could use your refund to take care of some of the debt. If you are behind, sometimes creditors will settle for less than owed. But I stress sometimes.
 
K

KK

Guest
If poster files bankruptcy??

:confused:
Does the poster lose or keep the car?
 
B

Ben Skrewd

Guest
Keep the Car

It seems unless you file Bankruptsy you loose eitherway,
might as well keep the car as long as possible since they are not willing to work with you.

I would also check out the blue book value and try to sell it yourself as you may get more than they were offering.

If you do sell it, you must have enough to get a clear title. One option would be to offer a take over payment sale, but make sure they get the financing in their name releasing you from any further obligations. Get in writing from you finance company, don't settle for verbal.:cool:
 

djohnson

Senior Member
kk,
If poster files bankrutpcy keeping the car is their option. She can sign a reaffirmation or surrender it. If she gives it back then any unpaid amount that may come from it can be claimed in the bankruptcy and not paid back. Depending on the rest of her financial status it may or may not be the best option.
 

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