My question involves a consumer law issue in the State of: Florida
Long story short, my wife and I decided to surrender our vehicle. We have not filed bankruptcy and have zero intention to do so. The car has tons of problems. We requested the lienholder come repo the car. It's one of those BHPH banks. The lot where the vehicle was purchased is no longer here. The lienholder is refusing to pickup their car and requested photos and offered a settlement in exchange for the title. We owe about 5k on it, and the car is worth around 1200. Bank is out of Dallas, TX and I am in FL. The bank stated to "Make an Offer". The amount I threw to him was $500 and the rep stated he would send me a settlement offer letter. I intend to either fix and sell or part out the vehicle.
My question is, does this seem sketchy or does this actually happen?
(Please no "it will destroy your credit to surrender" posts. We are aware of this.)