[krummybozoette]

My question involves an auto loan or repossession in the State of: GA. I cannot make out what Georgia Code - Commerce and Trade - Title 10, Section 10-1-33 actually means concerning finance charges. Can anyone translate?

I purchased a car on impulse and can't afford the payments. I know I made a mistake and I don't know how to make it right. I am considering a voluntary turn back to the lender. I have found lots of information in the GA Code, but I can't find information on any benefits to doing a voluntary repo. Are there any? Should I just wait for the lender to come repossess the car?

I am also looking for information an what a deficiency judgment would entail for me.

[Mr. Knowitall]

There are no benefits to a "voluntary repo", save perhaps not paying a repo fee. You're still going to end up far worse off than if you sell the car yourself, because after a repo it will end up being auctioned at wholesale.

A deficiency judgment would entail your continuing to owe money on the car (the balance of the loan plus repo costs, sales costs, interest and penalties, less whatever the car sells for), in addition to having the repo on your credit report.

[divemedic]

If you are not too badly upside down on the car, sell it.