If you turn your vehicle in to the lienholder (bank, or whatever financial institution where
you make your payments) it's a "Voluntary Repossesion"
They will take your vehicle to an Auto Auctioneer, who will sell it to the highest bidder.
If they sell it for $15.000, you are still responsible for the balance of the $20.900.
You will still owe $5900. to the lienholder. If you can't pay, they will turn it over to an
attorney. Eventually, they will file judgement against you and issue you a summons.
It will go on your credit history. I went through this 5 yrs ago due to illness. I havien't
been able to pay. The creditor can re-issue the judgement each year.
I never appeared at the small claims court, but next year, I'm going to the hearing
and explain to them. The only other option is find someone who will takeover your
payments by going to your lienholder. And the last option is bankruptcy. You
need to talk to an attorney who specicalizes in Bankruptcy.
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I want to sell my 2006 Toyota Tacoma truck there is lien of $20,900 on it lost my job who can help..
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