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Yes, you're responsible for the balance.

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8y ago
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Q: If you did a voluntary repo on your truck do you still have to pay any money that they will not make reselling it?
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No. You signed a reaffirmation agreement, this excluded the loan from your discharge and re-established your contractual obligation to pay for the truck. If you give it back now, it will be a voluntary repossession, it will be sold at auction, and you will be liable for the deficiency plus all costs associated with the sale. If you had not reaffirmed the truck, you could have given it back without owing a dime.


Do dealerships take trucks back when you still owe money?

If you are asking, can you simply return the truck, cancel, the deal, and walk away, the answer is NO. If you are asking do dealers repossess trucks when you fail to make your payments, YES, if the dealer holds the lien on the truck. The only people involved with this truck are you and the party that you borrowed the money from to purchase the truck.If you are asking, can you simply return the truck, cancel, the deal, and walk away, the answer is NO. If you are asking do dealers repossess trucks when you fail to make your payments, YES, if the dealer holds the lien on the truck. The only people involved with this truck are you and the party that you borrowed the money from to purchase the truck.


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You want to give back your truck to GMAC but it has a bent fender What would you do?

You need to specify if this is a lease or voluntary repo. You are going to ruin your credit for 7 years, and you are worried about a bent fender? It doesn't matter, they will sell the car anyway. After that you will still be responsible for the difference in what the car sells for and the balance on the note. Voluntary repossession is a stupid idea. Work something out with GMAC.


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