<prompt> Human: Should I let the bank reposess my car? While in Grad school I had a Nissan Pathfinder that broke down, a manufacture defect that they would only warranty if it happened before 70,000 miles, happened to me at 72000 miles, they wanted 11k to fix it. No job, I lived on student loans. So I traded it in for a 2012 Chevy Sonic I think I paid roughly 14,500 but I had to roll over 3,000 from the Nissan so 18,000. 5 years later, Ive paid 58 payments of 400 for a total of 23,200. I missed the last payment and when I checked my credit last month I found out that apparently Ive been behind a payment for almost 2 years ago so Ive been getting late fees added on. Now I owe 1400 to become current on the bill and my payoff amount is still 7158.63. yes I know I should be on my credit better and looked at the bills when they came, I just pay online every month, My financial situation is pretty bleak at the moment, my credit is mid 400 I checked today on trading it in and the dealership told me that it would be better to let them just reposess it. Is this true? the car was 14,500 with 3000 rolled over, Ive already paid 23,000 I am not excited to pay them at least another 7,000, probably more with the other fees they add on every month to own a car that right now has a trade in value of 3900. Edit: corrected typo from 22,000 to 23,000Edit 2: fixed number of payments from 22 to correct number 58  <response>: Ive already paid 23,000Where have you gotten this number from? Youve paid 8800 40022 on a car you bought for 18,500. Given you dont mention your interest rate which must be over 10 youve probably paid about 4-5k in principle.The bank doesnt care that you think youve paid them enough. You owe them a ton of money - having them take the car wont change that. Theyll take the car, send it to auction for 3-4k and subtract that from the total you owe 7158.63 1400 storage fees other fees, etc.. Whatever you still owe will be sent to collections and youll have to pay anyway. So if you really want to lose the car and still owe 5-6k for a nonexistent car, by all means go ahead. Itd be a stupid decision, though. 