First you drop the car off at the dealership.Then CALL the lender and let them know where,when and how it got there. The Lender will have it taken to an auction and sold. next the lender will call you and tell you how much money you owe on the loan.They will want you to pay it ALL at once. If you are like most folks, you wont be able to pay it. At that point, the lender will likely get a JUDGRMENT for the amount you owe and pursue other legal options.
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction. Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
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