Car Forum World

How could somebody go about surrendering their car back to toyota When payments can not be made?
My friend can not pay for to keep her Toyota Matrix.

She could have to contact the bank and tell them that she wants to do a voluntary repo. she'll have to send them a return receipt letter stating her intentions and what dealer she's dropping it off at. be sure someone at the dealer signs something stating what time, name, mileage the car has been dropped off. be sure she takes all types of pictures of the car at time of drop off. Pictures of all the body, interior, odometer, vin plates, engine. This protects her. Then she can expent them to sell it at auction, then sue her for the difference of what they sold it for and what she owes.

Don't do it. Sell the car and pay the difference. If your do the voluntary repo, they'll sell the car for a WHOLE lot less than you may be able to, then CHARGE you the remainder. Which do you want to do owe them $1,000 if you sell it or $4,000 if you let them sell it.. DO the math

are you sure it is toyota you'd be surrendering it to? just like when you purchase a house, it is not typically the last owner in this case the maker who holds the title while you pay it off. the lein on your car is most likely held by a bank. and your bank doesn't want to reposess your car more than you want them to they'll lose money on the deal, also.

how much do you still owe on your car loan? as well, how much is your car worth right now? if it's worth less than you owe, it'll most likely be easier on you to sell it and get a loan for the difference. but if it is worth more than you owe, then you may be able to sell it, pay off the loan, and have some money left over for another [crappier car. not the happiest day of your life, but you will feel lots better after it is done, right?

First, I could have to say she has to have a good long hard cry. it is such a great car. I wish I could help by sending some bucks so she can keep her Matrix.

It will go on your credit report as a Reposetion eather way.
Try Selling it outright and pay it off.