Legal Question in Consumer Law in Georgia

Re: Voluntary reposession of automobile

Your loan documents set forth the terms of your agreement, and should be understood before signing. In virtually all cases, you will be liable for the balance of the loan plus their expenses, less what they get for the car at auction, which is likely far less than market value.

Re: Voluntary reposession of automobile

The absolute worst thing anyone can ever do is turn a car in. First of all the repo ruins your credit, so future credit will cost you far more, as will insurance.

In addition, since cars usually sell for a loss, the lender can then sue you for the balance plus storage, sale, attorneys and repo fees and you often will owe more than you owed before the repo, or at least a lot, and will not have the car. They can then attach your wages, bank accounts and other assets.

Unless you also plan to do a bankruptcy at the same time to get rid of debt, a repo is almost certain disaster.

Re: Voluntary reposession of automobile

You would be far better off to sell the car. You should work with the bank and tell them you are going to pay off the loan as soon as you sell. In the meantime, to protect your credit, make all the payments.