Voluntary Repo in Florida

[rmmsrm]

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

We could not afford to keep my car which is upside down, I could not part ex the car or sell it so I was advised to give it back and all it would do is damage my credit. But now Ford Credit are telling me that I am still liable for the difference after they auction the car and that they will come after me. We are not a permanent residents in the US and we are both self employed and dont pay ourselves wages and our tax returns show losses - hence the reason we cant meet payments. I had no idea that this could happen - any advice, what will happen to us? I have not yet signed the release papers for giving the car back.

[seniorjudge]

But now Ford Credit are telling me that I am still liable for the difference after they auction the car and that they will come after me.

That is correct.

You borrowed money.

You put up a car as collateral.

The car was sold.

The car did not bring enough money to pay off your loan.

You must pay the balance of your loan.

[rmmsrm]

I know that (now) but the reason I am giving it back is that I cannot pay so what will they do? I was told it would be shown as a charge off and that they would not chase me for the difference. Obviously someone told me wrong and being foreign I knew no different. I could have waited for them to reposses but I didnt want it to go that far. Plenty of people are giving cars and houses back right now and the mortgage companies can do nothing but take them back and sell them on - short sales etc