Is it smart to have my car repossessed, because I cannot pay the payments?

I just surrendered my car....Just so i didn't have to worry about them coming to my work and humilating me, ya know...i bought a new car and took the car I couldn't afford to the bank I owed, I signed a suurender form and left the car with tham....Easy peasy

Silly to take off more than you can chew in the first place. Two things to rememeber: it's on your record so don't think about taking out another car any time soon and you loose the money you paid into the car.

Always try and make the payments where possible, beg or borrow if you can. If you know your financial difficulty is a temporary one. ie. you dont have the money for a couple of months - it can be worth contacting the finance company and speaking to them. Often they are sympathetic and may come to some agreement, they often look to repossession as a last resort.

If neither of these options are possible, do not wait for them to come and take the vehicle, it's better to hand the car in yourself. This will mean the car can be sold more quickly and you will ultimately end up having to pay less.

Remember that having a car repossessed with affect your credit rating and greatly decrease your chances of obtaining credit in the future.

Visit our guide on repossessed cars http://www.repossessedcars2009.com

Try to work something out with the lender if not do a volentary repo ... TURN IT IN... do not let someone come get it from you.

If there is any way you can avoid a repossession find it. Big black stain on your credit. If you have to let it go, cooperate and give it up in the best condition you can. This will help attain a higher auction price and lessen the amount you may have to owe when its all over.

Here is what not to do http://www.answerbag.com/a_view/2500462

Good luck

no...of course not and if you do find your self in the situation where your car could be repoed you are better off giving it up...less trouble...