How do we voluntarily give up our auto?
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How do we voluntarily give up our auto?
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my hubby just got laid off, we have good credit, when my hubby was working we bought a pick-up, and we owe a little less then it's retail value. we want to somewhat salvage our credit, but we want to "return" the truck because with neither of us work (we were both laid off) we can't afford to make the payments, much less pay for anything!...how do we return the truck? What happens if we do return it? What are our other options?
Additional Details
we are trying but no one wants to buy a 05 dodge diesel AUTOMATIC pick-up, they all want the six speed stick.....
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jtexas
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ouch, that is really some bad news, sorry to hear it.
return the truck? I have a feeling you know the answer, just don't want to think about it. It'll save you the cost of the repo man, is about all.
the finance company will send it to auction where it'll sell for maybe 60-70% of it's value. they'll subtract that from the note, then add the cost of the auction and other "administrative fees", then demand you pay the balance. report it to the credit bureaus. maybe file a lawsuit.
options:
1. sell the truck. that'll leave you on the hook for the least amount due.
2. call the finance company, tell 'em what happened. ask for a "six-month deferment." which means you go 6 months without making a payment. interest accrues, and you tack the 6 payments (plus the extra interest) on at the end of the loan term. they don't add any late payment fees or report you to the credit bureaus. some of 'em will do that, some of 'em won't.
do the same with your mortgage company. mortgage lenders are more likely than auto finance company's to give you a deferment, cause they have enough foreclosures on their hands already.
it helps that you have a good payment history and clean credit report.
good luck! |
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Michael S
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Contact the loan company and explain the situation. Most lenders appreciate your openness and will help. |
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entidtil
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Why not sell the truck ? |
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