ANSWERS: 5
  • WHO are "THEY?" +5
  • If you want money from the Gvt...you do what they say.
  • They are the loan company. SST out of Missouri
  • Of course it is legal. Why would you think otherwise? The loan company has no obligation to allow you to surrender the vehicle. Similarly, they have every right to condition acceptance of the vehicle on you providing certain documents for its review.
  • It depends on the laws of your state. Quite possibly, because you're wanting to do a voluntary surrender, instead of letting your car get repossessed, they want to see if you have the money to continue paying for the car, in which case they wouldn't accept a voluntary surrender, but after so many months of non-payment would consider it a repossession. Acceptance of a voluntary surrender of a vehicle is up to the lien holder: basically, whether they are willing to let you out of a contract you signed in good faith in exchange for the car back. Three main factors will influence their decision: how much is the car worth, how much is left on the loan (they are highly unlikely to release you from a 10,000$ loan for a 6,000$ car, but, if the car is worth 10 and the loan is 6, they're more likely to accept), and if you genuinely cannot make the payments. It's kind of like getting a deed-in-lieu-of foreclosure on a house. Only those who are behind/can't pay on their house can do it, and they require endless amounts of paperwork to complete one.

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