Surrender or Sell

[staceyb]

I can no longer afford my car.

I "bought it" in January 06 through a lease finance. I can no longer afford the repayments and have the option of just surrendering the car back to the finance company for them to auction off to reclaim the cash or I can sell it myself.

My cynical self thinks I would be better off selling it as I fear the car wouldn't get enough at auction to cover the cash owed and leave me with money still owing.

Any opinions please.

[mcflurry]

What is the car worth on a bad day, and how much do you owe?

[soprano]

Sale by auction incurs auction fees which will be deducted from the sale price.

[John MacK]

I believe that if you have paid at least half of the total agreed finance price, then you can return the car and have nothing further to pay. This I suspect is what they mean by surrender it, if you sell it they will then expect you to clear any outstanding finance.

So have you paid 50% of the agreed finance amount?