Finance Questions

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Question: Auto Repossession?

I just can't afford the payments of my 2006-Honda Civic. I'm 2 months behind and I am thinking in voluntary repossess the car.
I called American Honda Finance Corp. and they told me that when I decide, I have to call them to let them know that I want to do it, then they are going to contact the Dealer where I bought the car, and then I can go to sign some papers. Do that mean that they can take me to court to make me pay the negative equity? What would happen if I do it beside the bad credit history for 7 years?
My balance is 19,800

Answer: A voluntary repossession is the same as a non-voluntary one. it will have the same ramifications as any other repo. The only difference is they are not sending the repo man to get the car.

They will sell the vehicle at auction. You will be responsible for any more money owed on the car.

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