Jada B

repossession. To make matters worse, she? My girlfriend is behind on her car loan and has been threatened with repossession. To make matters worse, she had an accident (her fault) the same day her insurance lapsed and did $3000 damage to the car. She cannot afford to repair the car or make payments anymore so she is going to give up the car for voluntary repossession. My question is: When the car is sold and the deficency amount is calculated, will making a small payment each month keep them from pursuing a judgement against her?

Tristam H

No but it may allow her to forestall the loan company from getting a court judgement to garnish her wages. Because she failed to maintain insurance on the vehicle she could also be facing civil penalties as well depending on the city and state she lived in.

Stan C

Do not surrender the car. It will be cheaper in the long run to contact a bankruptcy attorney. The first visit is usually free.If her credit is already bad, filing bankruptcy won't make it any worse.

Mc Manic

no it will go down on her credit report as a voluntary repossession, and then the bank will sue her for the cost it takes to repair the vehicle she is better off either getting another car before give that one up, or filing bankruptcy before giving the car up