2. Contact the creditor. Try to get in touch with the creditor and let them know that you are planning on disposing of the vehicle. It's a good idea to send a certified letter so you have proof that you attempted to reach them.
3. Send a notice of intent. If the creditor doesn't respond or doesn't take action to pick up the vehicle, you can send them a "Notice of Intent" to dispose of the vehicle. You must give them a reasonable amount of time to respond (typically 30 days), and you should send this notice by certified mail so that you have proof of receipt.
4. Sell or dispose of the vehicle. If the creditor doesn't take action after the notice period, you can proceed to sell or dispose of the vehicle. You can either sell it privately, trade it in for another car, or donate it to a charity. It is essential to keep all of the documentation related to the sale/donation, including copies of any bills of sale or donation receipts.
5. Pay off any remaining balance. If you sold the vehicle for less than the amount owed on the loan, you may still have to pay off the remaining balance. This will vary depending on the terms of your loan agreement, so be sure to check with your lender.
It's essential to follow the steps laid out in your state's laws when disposing of a surrendered vehicle. This will help you protect yourself from potential legal issues.
