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I was laid off and my unemployment checks barely covers my rent and food. I called my auto finance co. and told them I wanted to voluntarily give back my car since I could not afford the payments. (I already know about all the consequences; credit rating, still owe the money, etc.) Before I could give the car back the car broke down while driving and won’t start. It happen to break down on a side street that says no parking. Again I’m broke so I can’t afford to tow anywhere that day. When I finally did get a little bit of cash my car had been towed and I assumed is in an impound lot. Just curious as to what any of you would do in this situation; Get the car out of impound to turn it in or just let it sit and let the finance co. go get it themselves since they technically own it. Or maybe another option? Keep in mind I have NO extra money.

3 Comments »

1. 

   Well you should contact the finance company and tell them of your situation as well as the impound yard. Time is important cause the impound fee is going up at about $20 a day. Now being your going to default anyway i would not pay anything out of pocket. The finance company will pay the impound fee or they will send a adjuster to the lot to determine if the collateral is worth what you owe plus the impound fee and it being broken and all. The fee will be added to your account and the car will be sold at auction and what ever the difference is they will ask you to pay. Now this is where you can save some of your credit score and make payment arrangements for the future and pay off the upside down balance. Or just let it go and take the charge off on your credit. Now you are not breaking the law to be in a financial bind,So don’t worry but as you know its a black mark on credit.

   Comment by texczar — August 12, 2009 @ 6:39 am

2. 

   Tell the finance company where the car is so you don’t get charged with hiding from a repossession (a felony) and let them know you are surrendering the car and they can go pick it up.

   The impound fees will just be added to the amount they sue you for.

   Comment by mccoyblues — August 12, 2009 @ 6:39 am

3. 

   Is it possible your car was stolen? If so, your insurance would pay it’s value and, since you are probably upside down on your loan, you could find the money to pay the remaining balance, you would be off the hook.

   Comment by peterthegreat — August 12, 2009 @ 6:39 am

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