Legal Question in Credit and Debt Law in Indiana
Returning a Car
We are very deep in debt and we are unable to make our car payments. Are we able to call the company who has our car loan and ask them to come and pick up our car as we cannot afford it?
2 Answers from Attorneys
Re: Returning a Car
You can return the car. Understand that this will not mean that your debt will be removed. The creditor has to sell the automobile, apply the proceeds to what you owe and then they can come after you for the balance.
You might see if you can get a better deal by selling the car - needing to get the balance owed on the debt.
You might also want to see about filing bankruptcy.
Re: Returning a Car
Yes. Indeed, at some point they will do a repossession of the car and charge you for it.
Realize too, that they will sell the vehicle and it may be for a lot less than you could sell it yourself. You will still owe them money on the car. They will not necessarily try and get the highest dollar.
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