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Is there a way I can turn my car back into the dealership or loan company without taking a large credit hit?

Little Rock, AR |

I simply cant afford my car payment right now, I'm trying to avoid my car being repo'd so im staying current with the payments. What can I do to get rid of the car? Can I just call my finance company and ask them to come get the car?

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Filed under: Credit Debt
Attorney answers 1

Posted

A voluntary return (which is taking the car back without it being repoed) is just as bad as a repo. The finance company is still going to come after you for any deficiency you may have, after they sell the vehicle for 1/3 of what the car is actually worth. Your best bet is to try to sell it yourself, or file bankruptcy.