BILL'S ANSWER
If you "gave up" your truck and stopped paying on your truck loan, your creditor will essentially repossess the vehicle, even if it is voluntary. When a vehicle is repossessed, the lender will sell the car at auction and apply the sale price at auction to the amount that you still owe on the original car loan. If the auction does not net enough money to cover the full balance of the note, which it rarely does, then the original borrower (you) would owe the difference, called a deficiency balance, to the lender. The creditor can collect on the deficiency balance like any other unsecured debt, up to and including filing a lawsuit against the borrower. As far as timing on which they can collect on, check the statute of limitations in your state at: www.bills.com/collection-laws
Repossession has a real adverse effect on your credit. You can expect this account to remain on your credit report for seven years from the date of the repossession, so you will probably be dealing with credit problems for some time to come, but for now you probably just want to get out of the debts. For a free debt quote, check this one out:
https://www.bills.com/debthelp/debt/
You may be able to balance the negative impact of the repossession by keeping all of your other accounts current. However, even if all of your other accounts have a perfect payment history, repossession would still hurt your credit score. Luckily, the more time that passes from the date of the repossession, the less the repo will affect your credit score, so as time passes, you should see your credit score improve.
For more information about credit, credit scoring, and credit reports, I encourage you to visit the Bills.com Credit Resources page, available at http://www.bills.com/credit-solutions
Sincerely,
Bill
www.bills.com/
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