Legal Question in Credit and Debt Law in Illinois
debt owed to an undrivable car
I was wondering what the consequences are if you were to just drop off a car at the dealership that you bought it from. I have paid on a car for almost 2 years now and I have a little more owed still than what my car is worth. My car has problem after problem, and is more hassle than it is worth. I was wondering what the consequences are if you just drop the car off with the dealer, and how would I approach this the legal way?
1 Answer from Attorneys
Re: debt owed to an undrivable car
Well, here is probably what would happen. You would drop the car off with the dearler and stop making payments. The finance company would eventually file suit against you for defaulting on the loan. At the same time the auto would be sold at aution for some very very low price at which point you would be responsilbe to pay for the deficiency owed on the auto.
My advice is to talk with the finance company and see if you can reach a settlement. Or try to sell the car to someone and use that money to pay the loan.
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