Legal Question in Credit and Debt Law in Florida

Re: Turn in my car.

You might have a penalty in the finance contract, but likely not. So, don't think in terms of penalties, but of consequences. In a nutshell, here's what will happen: When you turn your car in to the dealer, it's a repossession just like if they had to send 2 guys in the middle of the night with a truck to get it. The dealer, through the finance company, will sell the car at a private auction and apply the funds to your outstanding loan balance. The finance company will then attempt to collect the remainder (called the deficiency). You might be responsible for any costs associated with preparing the car for sale, the costs of the sale, and any costs of collection.