turn cars in?

[jribe]

Hi Everyone,
We're planning on purchasing a good used vehicle with low miles - as our two cars we have now, well we owe *way* more than they are worth. One is with Ford Motor Credit, the other with Toyota Financial.

We are current on both cars, but plan on not making Jan payments. Can we just drop the cars off at a local dealer and tell them we are surrendering the vehicles? Or is there a different process you have to go through?

We won't be filing for Chap 7 until May -and we can get 4.9% through Honda right now on a nice used accord, that will save us about $125 a month over the Toyota we were planning on keeping.

Any advice is appreciated!

[drowningNdebt]

call the finance companies and tell them you want to do a voluntary repo. They will send out the paper work and yes you can leave them at a dealer.