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I own an SUV, only 2 years old, and I need to get out of it. Tried to sell it...no takers!

Does anyone know how a voluntary repo works?...like if I just turned the car in to the finance company? Could I be sued for the balance? Any advice would be great!!!




Yes you can be sued for the balance for anything left over that they didn't sell it for. Have you talked to the finance company about this? I would call them and ask them exactly how does it work and what your options could be.

Sub: #1 posted on Tue, 08/19/2008 - 03:55

ladybug ladybug

(Posts: 2757 | Credits: 282.45)

When you voluntarily surrender a car, they will sell it and apply proceeds of sale to your account balance. Anything left over, you are still responsible for and they could sue for.

Have you looked into trading it in? Many times you can trade in a car even though its not paid off, and whoever finance your new vehicle might agree to payoff the balance on your trade.

Sub: #2 posted on Tue, 08/19/2008 - 05:29

DebtCruncher DebtCruncher
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(Posts: 2296 | Credits: 269.79)

Have you tried selling on craigs list? They have a whole section for cars.

Sub: #3 posted on Tue, 08/19/2008 - 05:32

polly polly

(Posts: 1709 | Credits: 253.21)

The thing is that my credit is already shot so I am afraid that I cannot even trade it in and get another car (cheaper) financed. :(

Sub: #4 posted on Tue, 08/19/2008 - 18:38

Unregistered


Not sure where you live, but in Il there is Carmax, and they will buy your car wether or not you buy from them. I don;t know all the specifics on it though, if you would get enough money, but it is a thought

Sub: #5 posted on Mon, 08/25/2008 - 20:34

dalfire497-d1 dalfire497-d1

(Posts: 13 | Credits: 1.91)

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