Cannot pay for my car anymore and want to turn in back in to

Cannot pay for my car anymore and want to turn in back in to creditors?

there's no such thing as a voluntary repo. that's just a term made up to make you feel better. A "voluntary repo" and "regular repo" are the same thing as far as the bank is worried. If you can not pay for it, sell it, or trade it then unfortunately a repossession is all that's legally left. Contact your bank and they'll tell you what to do. do not worry too much about it, because once you get back on your feet you may be able to purchase another car. the interest rate can be higher, but if you make your payments punctually the next one you purchase will have a lower rate. Banks will typically look at financing you again after six months to one year of punctually good credit history. there's also many banks that concentrate in poor credit financing.

I'm the general manager at a car dealership

The 1st thing is How much do you have left on the loan. you may have to pay the rest off. with giving up you car, you must read your agreement, and what is said in that.. Hey good luck

if there's no other choice do a voluntary reposesion. it seems better in the long run

don't set yourself up too soon, see if you may be able to refinance to a lower term of payment amount totals & increase the time, see about an extension, see if you may be able to trade it in for something less costly with lower payments, sell the damn thing seek advice before you credit gets screwed for many years to come......

If the car is worth more then the left over part of the loan, then no problem. it'll effect your credit for about seven years, although, so be aware of that. If it's worth less then the left over potion of the loan, then you'll be liable for the remainder of the balance. You may check and see if the loan may be expected by someone else. If it may be, then attempt marketing it as a take over payments, or sell it for the balance of the loan and pay it off. That way it'll show up as and early payoff and be good for your credit. If all you may be able to do is turn it back, then go ahead and do it. Stressing over a car you can not pay for is lots worse then a voluntary repossession.

where ever you got your car just put it back in the lot and leave it

. . . have you considered an insurance assert for a small fee could arrange for it to go missing . . .

John h is right. A repo is a repo. If there's no other choice other than filing bankruptcy, turn it in. You know its going to show up on your credit anyway. What they do is resell it. If they sell it for more than what you owe, you're supposed to get those monies back. If it's sold for less than what is owed, the difference is what you'll owe and that total goes on your credit. Not the full amount at buy. I have been there.

Do it valuntarily rather than wait for someone to take legal action against you.

well I don't know what you can do

Dont' give so soon dood,try some more times,just give a attempt again.Remember NEVER GIVE UP..