Voluntary Auto Repossession

[aperreyc]

I have a BMW that has a balloon payment due in a couple of months. The car is terribly upside down and I am not able to pay the balloon. The bank does not want to work with me. I want to know what are the repercussions of giving the car back. I know they will auction it off and there will be a balance left. I am not able to pay that. What is worst case scenario?
Thanks
Anne

 

[garykittrell68]

Weather it's a Voluntary Auto Repossession, or non-Voluntary; It's all the same. I suggest you try to refinance the car, or try and sell it for what your balloon payment is.
You may want to contact the loan company and see if they will refinance the payment, or maybe extend the terms of your contract.
If the car is repossesed then the bank will auction it off and bill you the diffrence. In most cases once this happens it normaly goes to a collection agency.