Legal Question in Credit and Debt Law in Colorado

Re: contract

Returning a car with a loan in default does not necessarily relieve you from liability for the remaining balance. You may be able to negotiate a release with a voluntary return of the car, or, alternatively, you may be able to sell the car for enough to pay off the balance and then obtain a release with the payoff. If, however, you simply return the vehicle the lender may opt to accept it, auction it, and pursue you for the remaining amount due. I suggest that you contact a local attorney for assistance with this problem. They may be able to assist with the negotiation.