Re: new too, question also

Unless you file bankruptcy and voluntarily surrender the vehicle, you will still be responsible for the debt. Generally they don't just take a vehicle back unless you're two months past due. Then they'll auction the vehicle and most likely sell it for way less than what you owe, then they'll turn around and come after you for the difference. And they will hound you until you pay one way or another. They could start garnishing your paychecks, etc. If you voluntarily surrender it during a bankruptcy, the difference between the auction price and what you owe would be discharged along with your other debts so you'd be free and clear of the car. Hope that helps!

P.

Karen B wrote:
Hi
Just joined up. I was wondering if anyone knew if it is possible to "turn in" or give up a car and how one would go about doing that. I know a car can be reprocessed, but we are not behind in the payments, we just owe more than it is worth, and the payments are high and we have two other cars that we use. My husband is semi retired, and in awhile may retire completely, and paying that payment would be almost impossible since we will have to pay for health insurance premiums. I just hate to see my husband continue to work, when he could retire, because of these darn car payments on a car we don't even care for.
Thanks! Karen B