Legal Question in Credit and Debt Law in Connecticut

voluntary vehicle forfeiture

Can you tell me if a person is able to voluntarily forfeit a vehicle that is currently being financed? I have a vehicle that I am unable to make the payments on any longer and would like to call the credit company and tell them to repo the vehicle. Can I do that? Will they take the vehicle or do i just have to stop making payments all together? Or, can I bring the vehicle back to the dealership, tell them I would like to sell it to them and see what they offer me, and pay the difference between what I currently owe on the vehicle and what the payoff is through the credit company? Thanks for your help.


Asked on 1/13/03, 11:08 pm

1 Answer from Attorneys
Thomas Noonan Attorney Thomas F. Noonan L.L.C.

Re: voluntary vehicle forfeiture

You can't force the credit union or other finance company to repossess the vehicle or deliver it to them and sign the title over to wipe off the debt owed. You can try to sell the vehicle back to them or to some other party, but the debt is yours to resolve. I would try to sell it so you get enough to pay the loan and break even. Tom Noonan

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Answered on 1/14/03, 3:01 pm


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