Hi all. I'm located in NY and this is my situation:
Back in June of 2005 I got a loan through North Fork Bank for a 2002 Ford Focus. I'm well aware that I got completely raped on the amount I paid for the car, but I digress. I was doing good on my payments for a few months. The car started acting up and I was having problems with it eating through my front brakes and the check engine light constantly being on. In October of '06 I found a great deal on a car I've always wanted (VW Golf) so I got that car. With my insurance payments now up to $400/month, I started falling back on my Focus payments. They already sent the repo man to my house, but I kinda temporarily relocated the car and put a For Sale sign on it. I owe about 10k even on the car and I'm only getting offers of $6500 for the car. My credit kinda already sucks and I've been denied for the $3500 loan to make up the difference. No family can help me, nothing. I'm thinking of just giving the car back, but I'm curious how to do that. Do I just walk into the bank, talk to the collections manager, hand over the keys and say ta ta. Then wait for them to auction the car and come after me for the deficiency? Also, if my other loan company for my Golf gets wind of this repo, will they take away my Golf? I've made every payment for that car on time, usually about a week before the due date. I'm looking to leave and move to Florida come summer time and just want this situation to be done with. I understand the effect it will have on my credit,but that's not really a big concern to me. Any advice would be greatly appreciated.