How would somebody go about surrendering their car back to toyota When payments can no longer be made?

My friend can't afford to keep her Toyota Matrix.|||She would have to contact the bank and tell them that she wants to do a voluntary repo. She will have to send them a return receipt letter stating her intentions and what dealer she is dropping it off at. make sure someone at the dealer signs something stating what time, name, mileage the vehicle was dropped off. Make sure she takes all kinds of pictures of the vehicle at time of drop off. Pictures of all the body, interior, odometer, vin plates, engine. This protects her. Then she can expent them to sell it at auction and then sue her for the difference of what they sold it for and what she owes.|||Don't do it. Sell the vehicle and pay the difference. If your do the voluntary repo, they will sell the vehicle for a WHOLE lot less than you can and then CHARGE you the remainder. Which do you want to do owe them $1,000 if you sell it or $4,000 if you let them sell it.... DO the math|||are you sure it's toyota you'd be surrendering it to? just like when you buy a house, it's not usually the previous owner (in this case the manufacturer) who holds the title while you pay it off... the lein on your car is probably held by a bank. and your bank does not want to reposess your car much more than you want them to -- they will lose money on the deal, as well.





how much do you still owe on your car loan? also, how much is your car worth right now? even if it is worth less than you owe, it will probably be easier on you to sell it and get a loan for the difference. but if it's worth more than you owe, then you can sell it, pay off the loan, and have some money left over for another [crappier] car. not the happiest day of your life, but you'll feel a lot better after it's done, right?|||It will go on your credit report as a Reposetion eather way.


Try Selling it outright and pay it off.|||First, I would have to say she must have a good long hard cry! It's such a great car... I wish I could help by sending a few bucks so she can keep her Matrix!