[Maggie480]

My question involves an auto loan or repossession in the State of: CO

Hi all! Thanks for reading my post. We are considering voluntarily surrending our 2002 Dodge Caravan. We are upside down on the loan to the tune of around $2,000. I was just laid off from my job and we can't afford the $350 monthly payments and don't really need the van anymore. Having read the other posts, I assume that if we do this, the loan company can sell the vehicle at auction and then come back at us for the difference. If we were to file bankruptcy would this get rid of this debt? Also how do you talk to the loan company about this? Thanks!

[glockguy]

I had a voluntary repo last month, they will sell it at auction and the differance between what you owe and what it sells for you will owe, however they will usually settle for a lot less than what they say you owe...IE: they said I owed 7000 and the agreed to 3000, use threatening bankruptcy as a last stand in negotiations....and they will usually settle and set up minimal payment plans.....good luck