Auto Loans Voluntary surrender

R

rhively58

Guest
Jurisdiction
Arizona
I purchased a truck about 7 years ago and paid $7500 for it. Never had a problem with making payments and did pay it off. It started having mechanical problems and I needed $5000 to fix it. I took a loan for that amount at 33% interest due to my credit rating. Again after a while I needed another$1100 to fix the problem. I refinanced it again to get the problem fixed. Everything was great for a while and now faced with more work to be done in order to drive the vehicle. I owe a lot more than it's worth now. I'm on SSDI and can't afford this anymore. Been thinking about voluntary repo. Good or bad idea? I just can't make a $200 a month pymt for something that just sits there.
 
After you give the truck back, it will be sold at auction. You will still owe the difference between what was owed and what they sold it for.
 
There is no difference between a repo and a voluntary repo. The consequences are the same. You'll still owe money. You'll either get sent to collections or sued for it. Being on SSDI might make the debt uncollectible. It's up to you to decide what you want to do.
 
I purchased a truck about 7 years ago and paid $7500 for it. Never had a problem with making payments and did pay it off. It started having mechanical problems and I needed $5000 to fix it. I took a loan for that amount at 33% interest due to my credit rating. Again after a while I needed another$1100 to fix the problem. I refinanced it again to get the problem fixed. Everything was great for a while and now faced with more work to be done in order to drive the vehicle. I owe a lot more than it's worth now. I'm on SSDI and can't afford this anymore. Been thinking about voluntary repo. Good or bad idea? I just can't make a $200 a month pymt for something that just sits there.


Bankruptcy might be of great value to you, mate, a chapter seven bankruptcy.

Talk to a lawyer or two near you, or Google "pro se bankruptcy YOUR STATE and COUNTY"
 
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