Surrender Car right now? or later?

[smegma11]

I was in the same situation with my car...I just stopped paying on it and then fielded the phone calls the best I could...I didn't tell them I was going to surrender it, I let it go as long as I could. I would schedule payments over the phone at first to give me some more time and then when the payments didn't go through, I would field the phone calls again. In June, after not paying for about 5 months, we told them we were surrendering the vehicle but that my sister had taken it to Georgia and wouldn't be back until August. We even set up a pick up date. I kept it in the garage any time it was at home and was prepared for it to "disappear" when I went somewhere but it never did. I found out they use GOOGLE EARTH to see the car at your house. They really don't want your car so they aren't crazy aggressive. If you file before they take it, they can't take it after you file unless they appeal to the court. If they appeal to the court, the court always grants them the right to get their car. If it's an expensive car, like mine was and yours is...they aren't going to let you keep it anyway, because if you can pay for that, you can pay your bills. Be prepared to deal with the phone calls and don't tell them you're filing or they'll RUN to pick up your car. I didn't have the ability to get a new car so that was my motivation to hang on to it as long as possible which was about 8 months without having to pay for it. If you are able to get one, then maybe you don't want to deal with the stress and headache. Since they took it, they sold it and now the difference ($28,000) is one of my debts to add to my BK. Make sure your parents keep your new car in their name and good luck. I've been accruing my debt since I was 21 and now I'm 43!! If I knew then..... Oh well...For you, really get a clean start and be smart in the future and you'll have great credit later when you really need it!!

If those are your plans, I would see a lawyer and get the real answer. Its post like this that make me not want to believe a lot of the things posted here. People like to pretend they have friends by posting JUNK on different websites.
Google earth pictures are taken about every 2 years on the average, so they couldn't look online to see if your car was home!!

[SMinGA]

Getting rid of the car is likely a wise financial move. That is a lot of car for anyone! Even more so for someone in financial distress.

I can't really recommend what is best for you in your situation, as I am not in your shoes. I would caution to be careful about jumping right back to where you are now.

A ch. 7 is a fresh start, but not one you can repeat very often. You're here after only 3 years of credit history, so need to survive at least 8 before you can file again. Looking at getting new credit cards when you can't handle the ones you have now seems dangerous. Just my opinion.

If I come across as harsh, I apologize. Better to get control of your financial life @ 21 than to repeat the mistakes over & over. We all need to learn how to live without credit, on a cash & savings basis.

Hello Everyone

have a lexus which i bought for 45k...about a year ago...i still owe about 38k on it and paying 14% interest. im way upside down. i jsut want to get rid of it. im two months behind

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oh yeah, my parents will buy me another car if i surrender this one, and they will get me a credit card or cosign for me to build my credit up again.

what should i do? do i surrender right now?