I am hoping someone can advise me on voluntary car repossession. I am considering to turn in my car because I feel like there is no other way to get rid of it. I cannot afford it any more. My credit was kind of bad when I purchased it and I got a high interest of 15%. Currently I have $11,000 to pay off and the car is 5 yrs old and has 107,000 miles. Even when I would want to sell it there is no way anybody will purchase it for $11,000. I don't know what else to do with it and I am thinking about turning it in.
I have been hearing that if I agree to the voluntary repossession I might not have to pay off the deficiency balance. Is this true?
Any comments are greatly appreciated it.
I have been hearing that if I agree to the voluntary repossession I might not have to pay off the deficiency balance. Is this true?
Any comments are greatly appreciated it.