U should be able to go to the bank and surrendor ur car.
Bank will do either of the two.
1) Get the car evaluated, ask you to pay the balance. Bank will surely charge a big chunk of its remaining interest over the loan duration as well. You can reduce this interest if you can prove that you have been laid off from ur job.
2) Bank will auction the car and u will pay the balance amount.
Its ideal if u can find someone who is ready to buy the car and just transfer the loan on his/her name. Or u can sell it urself and pay to the bank (offcourse u have to add some extra cash of ur own)
U should be able to go to the bank and surrendor ur car.
Bank will do either of the two.
1) Get the car evaluated, ask you to pay the balance. Bank will surely charge a big chunk of its remaining interest over the loan duration as well. You can reduce this interest if you can prove that you have been laid off from ur job.
2) Bank will auction the car and u will pay the balance amount.
Its ideal if u can find someone who is ready to buy the car and just transfer the loan on his/her name. Or u can sell it urself and pay to the bank (offcourse u have to add some extra cash of ur own)
I hope something works out for u soon.