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Old 24 Aug 2007, 05:36 am
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Default My car needs a new engine. I can't afford one.Still have to pay insuranceCan I do a...

...voluntary repossession?
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Old 24 Aug 2007, 05:40 am
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Why, they take the car back, they sell it, you still owe for the balance between what was owed and what it was sold for.Plus you have have fees and penalties to pay.
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Old 24 Aug 2007, 05:44 am
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Not only will the bank auction your car off, but you will be responsible for the difference. Also, this will negatively impact your credit worthiness. I would suggest you talk to the bank about your dilemma. Maybe they will accept interest payments until you get into a better financial situation.
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Old 24 Aug 2007, 05:46 am
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put in a USED engine from a junk yard....that would be cheaper
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Old 24 Aug 2007, 05:48 am
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man, those hondas sure are quality. not.
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Old 24 Aug 2007, 05:54 am
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In the long term you should pay for the car to avoid the negative marks on your credit
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Old 24 Aug 2007, 06:00 am
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I'm in the auto finance business and trust me you do not want to do a vol surrender. on your credit report it will still show as a repo. and you will still have to pay for all labor, bodywork, etc.. and the difference from what they don't make when they sell it at an auction. and yes they can take you to court if you don't pay.
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Old 24 Aug 2007, 06:04 am
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Park the car, pay it off, take the bus. You made a deal and there's no way out short of destroying your credit rating.Don't do a repo. They'll kill you on fees and you still owe the money anyway.
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