PAY IN TX OR PLAY IN UK

Everybody's Uncle,

I am a British citizen residing in Texas but plan to return to the UK in April.
I recently bought a vehicle (June; last year) and am now trying to sell it but it looks like I'm going to fall at least $5000 short of my pay off. I do not have the cash to make up the difference.

What are my options, if any?
I do not plan to return to the US.
Thanks!
Julie

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Julie,

Great question! There are always options.

To keep in good stead with the world, you should complete your obligation and have a clean slate when you return, if you so decide. The question remains, if you don't have the money and you have to leave, is there a mechanism. While avoiding repossession is always desirable, departure without another alternative in place would mean involuntary repossession. A voluntary repossession is better than involuntary because you can negotiate. If you can get an agreed return value and arrange some alternate payment plan you would be better off.  

If you default on payment, the vehicle will be subject to repossession and all the ugly charges and credit problems attached as reported in other repossession columns.

If you abandon the car and leave the country, no doubt your US credit report will be tarnished but I don't know what if any international repercussions come in to play. Perhaps my readers have experience in this area.

If you decide to cut and run, let us know how it turns out.
Everybody's Uncle