what will happen after I surrendering my vehicle? Could there be a deficiency?

I have a 2007 e550 mercedes benz and can no longer afford my vehicle and has decided to give up this month payment and just surrender to Chase Auto. I've been trying to sell in the market for 3 month now and still no one is interested. What will happen next? I know that they would auction off the car but am I responsible for the deficiency? if they do come after me, should I file for bankruptcy? thank you.

Asked By: M.g - 2/6/2009
Best Answer - Chosen by Asker
You will be responsible for any deficiency between what the car was sold for at auction and what you owe. If there is any possible way whatsoever, sell the car yourself and pay off the balance. If you haven't been able to sell it you're probably asking for too much. You should have no problem whatsoever selling it... More
Answered By: Howard L - 2/6/2009
Additional Answers (2)
what does your loan or lease say? you did READ and keep the papers, didn't you? *** yes -- you're responsible for the deficiency.
Answered By: Spock (rhp) - 2/6/2009
im not sure about that
Answered By: lakita h - 2/6/2009
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