What can I expect and what should I do.

[UserName2018]

Jurisdiction

Puerto Rico

Hello,
Last year I moved out of the Caribbean. I had a car loan, always paid on time. I moved without knowing what the future would hold, maybe I would have to move back. After I was able to settle in, I requested the bank to give me permission to bring the car to the mainland, which I was denied. Continuing to make payments for a car I was not driving was not an option I could afford. The thought of ruining my credit was awful but was left with no other option. I sent a letter to the bank with the before mentioned information to surrender the car. I gave them the address where the car was with the keys.
This whole time I though they were going to pick up the car, instead they filed a police report stating I have abandon the car.
My worry is how much worst will this affect me now? It also doesn't seemed right they took those steps. It was unnecessary. They had the keys and the address.
I tried in good faith to take the car. There was no reason to think I would stop paying for it after it was brought to the mainland. I send them the keys when they said no and had a neighbor watch over the car to make sure nothing would happend to it. The car was not left at some random place. I really thought I did everything correct. Now what should I expect and should I take any action?

 

[army judge]

My worry is how much worst will this affect me now?

It also doesn't seemed right they took those steps. It was unnecessary.

Now what should I expect and should I take any action?

Have you contacted the lender to discuss what they need to close the account?

You can talk to a bankruptcy lawyer to determine if a bankruptcy filing would help.

The good news for you is that Texas is a debtor friendly state.

The lender could sue you, but Texas doesn't allow wage attachments for privately owed debts.

I suspect when the lender finds out you're in Texas, they'll choose to leave you be.

Your FICO will continue to decline, which is why I suggested bankruptcy as a possibility.

Good luck.

 

[adjusterjack]

what should I expect and should I take any action?

The worst that can happen is that they'll sell the car and come after you for the balance, either with a collection agency or a lawsuit.

I don't think that any action is going to prevent that other than paying the balance or filing bankruptcy.

If you don't want to do either, then you can just ignore the situation if you like and see what happens.

By the way, the bank did nothing wrong. You defaulted when you sent the keys and stopped paying.