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What is voluntary repossesion?

from Shakira Hancock (Shakiradhancock2002@yahoo.com)
I purchased a 1987 Buick Century from a car dealership in January of 2003. I have bad credit and no money. So I put down $350 and am paying $145 bi-weekly to pay the car off. The purchase price was $2800, plus I purchase an extended warranty for an additional $1500. Every since January, this car has been giving me tons of major mechanical problems (i.e. alternator, engine, radiator, etc.). Since April, I have not driven the car, and am still paying the note on time every other week. Never have I been late on a payment. I spoke to owner of the dealership and he is suggesting that I file for 'voluntary repossession' because I can not continue to afford to pay a note on an old car that does not even work. I asked that they give me a trade-in, and they are unwilling to take any other roads. What should I do? At this time I do not have another $400 to get the car fixed, nor can I afford to pay $290 a month for a vehicle that does not work.H E L P!!!!!!!!!!!!!!!!!!!!!(screaming LOUDLY!!!!)
(posted 7625 days ago)

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