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We had 2 vehicles that were upsidedown and could not be used for a trade-in, the salesman suggested we just let the the vehicles be voluntary surrender them so we did and now the bank says we are responsible for any balance over what the balance of the auction.
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That is why we are STILL paying on our Saturn... though far less per month than we were.
We were 2 years into a 5-year plan, so our outstanding balance was pretty substantial. The car sold for $1500, leaving us to pay (X - $1500 ), though with no interest.
by 8 Jan 2004-10 Dec 2009 on March 26th, 2008