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  1. #1
    Join Date
    Jun 2009
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    4

    Default Voluntary Repossession

    About 6 months ago I voluntarily gave back my car to the dealership. I informed my creditor what, why and when I was doing this. I received a letter stating that they sold the car and now I owe $15,000.00. They call 15 times a day and have sent many letters. To this point I have not taken their calls. Obviously if I could have afforded the car payments I would have continued making them and obviously I do not have this kind of money to pay them. What should I do?

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    98,846

    Default Re: Voluntary Repossession

    If this is a collection agency contacting you, you can instruct them in writing to stop. They can then decide if they're going to sue you.

  3. #3
    Join Date
    Jun 2009
    Posts
    2

    Default Re: Voluntary Repossession

    Quote Quoting consilience
    View Post
    About 6 months ago I voluntarily gave back my car to the dealership. I informed my creditor what, why and when I was doing this. I received a letter stating that they sold the car and now I owe $15,000.00. They call 15 times a day and have sent many letters. To this point I have not taken their calls. Obviously if I could have afforded the car payments I would have continued making them and obviously I do not have this kind of money to pay them. What should I do?
    Well when you signed the contract saying you loaned such and such and that you were going to pay such and such it doesn't matter if the car was sold. Lets say for instance you bought the car brand new for $35,000. You can't afford to make payments anymore so you sell it for $10,000. Before you sold it though you had only made $10,000 dollars in payments over the lifetime that you had owned the vehicle. You are still responsible for the remaining $15,000 and they have the right to go after you for the remaining amount on the loan. It seems that people fail to read the contracts which they sign.

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