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Readysetgo5799

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im considering voluntary repossession for my car. I can't afford it and it's killing me
I'm 21 years old. Bought a brand new car I couldn't afford. Young and very stupidly, I financed it for 22000 at a rate of 19.9%. My credit score is tanked at 515 and I'm starting school and can't afford to be paying 1000 with insurance and car payment alone. How does volunteer repossession work? I pay 580 a month for my car and at this point I'm tired of stressing out about it. Please help me out. I'm trying to avoid bankruptcy as this is my only debt and I'm young

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Voluntary repossession works the same as involuntary in regards to your credit. The lender has the right to sue you and garnish your wages the same either way. In regards to your credit, your scores will drop significantly and will be weighed down by it for several years to come. It will remain on your reports for up to 7.5 years, and is subject to your states statute of limitations in regards to how long the lender or anyone who purchased the debt has to sue you. It's a hard road, and I feel for you on having to take it, but we all have made our mistakes and we all come back from them at some point. You have to do what you have to do. I wish you the best. 

Reply by
Readysetgo5799

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Thanks for the reply! The car payments and insurance constitutes about 5/8 of my income. Groceries rent and gas are the rest. I don't have money to buy myself clothes or shoes, Let alone pay for classes. I'm just scared they're gonna be asking the same amount as my car payment for the deficiency. Will they charge all the interest too? Should I just keep struggling? I don't know. I'm tired of being unhappy and working for a car I don't even want anymore. Sorry for the complaining. But this is my life and I can't allow myself to spend all my time at work. I'm gonna get no where this way

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few things,

Why did you think you could affod a new 22,000 Car?
did you not realize what the 19.9% was all about?

anyone go with you when you purchased the car?  did they try to talk you out of it?

the 580 a month is how much of your monthly income?   

you can give up the car,  and it will be a black mark on your Credit Report,   your Credit Score is already in the crap'er so no worry there.   When they sell the car they will come after you for the difference between what they shold it for and what you owed on it. 

have you tried to sell it for what you owe on it?

Life sucks when you go to the school of hard knocks. 

Reply by
Readysetgo5799

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i needed transportation to work and school after pretty much having to fix my old car every three days. I kid you not. EVERY three days. 200$ here 30$ there. And I was missing work and school because of it. my family wasn't there for me when I needed it. So I did what I had to. Of course I talked to my friends and other family members before hand but yeah. No one will buy for how much I owe on it. It's 19,000 in interest still left alone. Haven't even touched the principal all of the two years I owned it. I'm aware there will be a deficiency balance. I'm just wondering what's gonna hurt more, finding the nearest pole at 75mph or giving it up. I have another car that is paid off so I was just looking for advice. The deficiency payments afterward are what I'm concerned about. 

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