“Giving” the car back before you have paid off the loan is considered a voluntary repossession, and will screw up your credit even more. You wouldn’t necessarily have to pay back the remainder, but the amount you owed when you relinquish the vehicle is reported. I suggest a couple of things, 1. If you are in a better credit situation now than when you first bought the car, try to get refinancing through someplace else, 2. If the resale value of the car is more than what you owe (remember, you need to get the early payoff amount, because the interest is accrued, represented as an annual rate, and you will need to ask how much the payoff is even on the exact date you actually get a check into their hands), then try selling it yourself, or trading it in if your credit is better then when you first got the loan. As long as call them and state you need to arrange for a voluntary repossession, and bring them the vehicle,they also have to deduct the $ they auction it off for
You cannot break the contract by giving the car back. You still are responsible for the payments.
Regardless of rate even if you give car back you are still responsible for the payments on the vehicle
Sorry i am not sure what you should do.
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