voluntary repossessiongreenspun.com : LUSENET : Repossession : One Thread
I am considering voluntarily surrendering my truck. I cannot afford the payments anymore. I have tried to sell my truck but haven't had any luck. The credit union where it is financed said they would lower the pmts from $475 to $409. This doesnt help my financial situation any. I was put on disability in June and my income has been reduced by 40%. I have also tried trading in my truck but dealers don't want to give you anywhere near what it is worth. I live in New Mexico and filed Chapter 7 Bk in April. I am not late on my pmts nor have I been at any time. If I voluntarily surrender my truck, can they take any legal action against me for a deficiency balance? Isn't there something I can sign that would release my from having to pay after the sale of the truck?
-- Dawn Shults (email@example.com), October 30, 2002