can't afford my car, voluntary repo?

Question

I still owe $16,000 on my car, I can no longer afford to keep the car, but can't seem to get more then a $11,000 offer on it (it's blue book value is $14,000).  I can afford to loose a little, but not 5,000.  i've been told befor that i can just give it back and that's that, but when i called my finance company, they said i'd still owe that much, and it'd go on my credit report as a volentary repo.  Is there any way that I can just get rid of all of this? The car is in excelent shape, it's a 2005, and has about 32,000 miles.

i'm getting desperate, and need to get rid of this in a couple of weeks now, and don't know what to do.

i've been trying to sell it for 2 months now...

Thank you.

Anonymous · Accepted Answer

If you do a voluntary repo, It still counts as a repo! No matter which way you look at it! Put a add in the paper to see if you can get close to the $14000. However, keep in mind that you will be responsible for the rest of the balance if you sell it. Also the person buying it will not have the title therefore making it harder to sell it.

Maybe you can find a buyer that can refinance it in there name so you can get out of it!
try these websites!
www.takemypayments.com/
www.takeoverpayment.net/add.html
www.swapalease.com

Anonymous · Answer

No such thing as a 'voluntary repo'. It will be processed as a repo and will trash your credit for YEARS. The finance company or bank will sell the car at auction and then come to you for the remainder of the balance, which will be MUCH more than you owe now because all repo auction cars are sold at or below wholesale. So, instead of losing 5K you will be in the hole for appx. 8K and they WILL sue you for the difference and a judge WILL force you to liquidate any assets, attach your paycheck and toss you in th clink if you do not comply. It happens everyday, dude. There is an entire industry out there that does nothing but sue for repo recovery. You won't even be able to borrow the money for court costs because you no longer have credit. There is NO good news here. My suggestion is to get a second job, pay every cent you can scrape together on this damn car for the next three months and pay it down enough to unload it.
Wow! What a deal, eh?

Anonymous · Answer

find someone to take over payments or have them buy it from you and you pay of your debt

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can't afford my car, voluntary repo?

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