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It goes on your credit report. If it's a lease and you can no longer pay for it it's best to find someone to take over the lease that way it doesn't fall back on you. * If the vehicle is leased the leasee will still be responsible for the remainder of the contractual agreement. If the vehicle is being purchased it is considered a voluntary relinquishment by the borrower(s). The car will be sold at auction and the borrower will be responsible for the difference between the sale price and the amount left on the loan plus applicable fees and interest. In either instance a repossession entry will be placed on the party's credit report and will remain for seven years.

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โˆ™ 2006-03-25 21:57:41
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Q: What happens if you give a car back to the financial institute?
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