"What are the consequences if I return my financed Toyota to the lender? "

"I financed a new car in February. Since then, I've lost my job and my finances have taken a nosedive.

I don’t need the car and I can let it go, but I also don’t want to make my situation worse. What consequences can I expect from a voluntary repossession?


Answer provided by
Johnny Puckett
Answered on May 25, 2021
“If you have used all your lines of credit, your credit score is likely already pretty low at this point. And while your score will definitely drop further after a voluntary repossession, it doesn’t seem like you can afford to worry about that right now.
The worst consequences you can expect will likely be the fees from your lender and, depending on how much the car has depreciated, the difference in value that you will still be on the hook for. You could still owe the lender several thousand dollars.
Your best option is to continue to make your payments for as long as you can. In the meantime, you can try to sell the car. “

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