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What is your obligation if you take the car back to the bank before they come to get it?

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2011-09-15 11:58:31
2011-09-15 11:58:31

When the car gets back to the bank, its sold and the debtor owes the difference between what it sold for and the outstanding balance on the loan. IF it sells for more than is owed, debtor has to pick up the check for the surplus.

There are no differences between a voluntary repossession/relinquishment of vehicle by the borrower and the forced repossession/recovery by the lender, except for some of the repossession costs such as towing.

FYI, a bank will not allow you to return the vehicle in the sense that you can "drop it off" somewhere.

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