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Good afternoon. I am Loren, a licensed attorney, and I look forward to assisting you.
What you are seeking to do is called a voluntary repossession.
You will need to call the bank and negotiate an "exit" strategy.
The main issue you will want to try to avoid is liability for any deficiency owed on the loan after the car is sold. If the bank will not provide a general release then try to get a ceiling on any liability for the deficiency.
If you are able to reach a settlement it is essential that it be in writing and signed by the lender so that it is enforceable.
Thank you for following up.
No, GAP insurance only applies if the vehicle is a total loss, either by an accident or theft.
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