Legal Question in Credit and Debt Law in New Jersey
Repossession
I own a 2009 Toyota Camry. Recently I was let go from my place of employment. I have a feeling I am not going to be able to pay for my vehicle. How do I go about returning it and not getting a repossession on my credit history.
1 Answer from Attorneys
Re: Repossession
You will probabably find that no one is interested in your returning the car. The dealer has been paid by the finance company and is not interested in having a used car on the lot. The finance company is not in the business of owning cars.
Your best best is a private sale. You may be somewhat lucky in that new car prices are severely depressed by the economy and the leased car returns on the market are setting a lower boundary for new car resales. See e.g. prices at Autolenders.com. So the instant depreciation that usually comes when you drive off the lot is not as severe as usual. Your 2009 may actually get a good price.
See also: http://info.corbettlaw.net/lawguru.htm
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