voluntary reposession of car

[daphne40]

i have a 2002 ford escape that was damaged in accident.
i did not have insurance at time of accident
so vehicle needs repair
got estimate ; 6,000 dollars to repair
which i do not have
still paying insurance on car
even though parked
financed thru household car finance
i want to voluntary repo on vehicle
what are my options
i need help

[StaciMM]

What is your situation? Have you filed BK, or are you contemplating it?

If you file BK, you would be able to surrender the car and include the debt in your BK. But, if there were any fines or fees associated with not having insurance, those would not be discharged.

[daphne40]

have not filed for bankruptcy
do not want to if i can help it
can i have them take the car(repo)
i just want to know my rights

[StaciMM]

You can have them come and get the car, and they can (and will) charge you for the balance that you owe. They'll first sell the vehicle, and likely won't get much for it. They'll apply that to the balance and try to collect the rest. You may be able to work out payment arrangements on it, or ultimately they may try to get a judgement. Depending on your state, that could lead to garnishment of wages.

[HRx]

You can voluntarily surrender your vehicle. But the lein holder is going to more than likely balance bill you for their losses associated with your repo. Making matters worse, they'll most likely seek a judgment against you, to collect the monies owed.