ANSWERS: 4
-
Your best bet is to find someone to take over the payments. You can advertise this in vehicle classifieds.
-
maybe your problem has been resolved but if not if i may suggest speaking with lien holder to but up as volentary...where you give the vehicle up turn it back over to the finance company
-
I can no longer pay for my vehicle. I will be away for 3 months on missionary work and will not receive a pay. I want to give the car back before I leave. what shall I do
-
Call the lender and explain your situation and that you'd like to spare your credit and see if they'll let you just give the car back. Make sure that they agree to releive you of the entire debt. When you financed the car you signed a Promissory Note in which you promised to re-pay an amount of money in equal installments including interest. A lien was placed on the car to secure the re-payment of the debt evidenced by the Promissory Note. If you just give the car back (or if they repo. it) they can sell the car for less than the debt and you will still owe the difference. Make sure that they releive you of the debt. Preferably you should get the original Promissory Note back from them with "Paid in Full" written across the face of it and signed and dated by a the lender or a representative of the lender who has the authority to sign the Note as "Paid in Full". You might get your lawyer to help you with the paperwork. The legal term is a "Novation" or "Satisfaction". Good luck.
Copyright 2023, Wired Ivy, LLC

by 