Should I wreck my car or let the bank have it back?

I have a 04' Honda accord which I still owe about 7grand on. The car is junk and didn't reliaze it until a year later. I know I shouldn't have bought the car at all. But I did. The motor can give out any day now. Should I wreck it or let the bank have it back? I'm more concerned about my credit.

Hoodrat!

How can the car be junk?

Can put a used engine in cheap.

Can put a used tranny in cheap.

As long as it isn't rusted through the floor and subframe/shell are straigh, any issue should be an easy fix.

You think wrecking it will get you out of paying for it? IF you have full coverage insurance, the insurance company will pay the loan company what they think the value of the car is. If that amount isn't what you owe you'll still have to pay the difference. You get caught you'll pay much more than what you owe. Just the fact that you come on a public forum and ask such a thing calls into question just how smart you are.

You need to find a good mechanic. Do not expect an old car to work like new.

Let it get stolen and stripped and destroyed. Collect insurance.

Your bank or finance company doesn't care what you do with the car. All they want is the money that you borrowed and promised to pay back. You seem to think there's some magic solution to your problem. Not.

Insurance fraud is a felony. A repo ensures 7 years of bad credit.

Find a way to pay for your mistake.

Get the vehicle fixed. You own it. You can't return it like an unlikable blouse. This is real and serious. Adults do adult things.

Deliberately wrecking it is insurance fraud.
They will find out and you will still owe on the car as the insurance will not pay. You will also get a criminal record.
Letting the bank have it will wreck your credit and to will still owe the difference between what they get for it and what you owe.
Looking after the car they should go forever. Why do you think the motor will give out?
All cars need good care.
You need to.pay this off.
Buying old cars on credit is a bad move.
I recently sold my 1986 car that was still running well.

You need to understand the consequences of "letting the bank come get it".

That's called a "voluntary repo" and carries the same credit hit as the type involving tow trucks at 2AM. You'll turn it back in, they'll auction it off, and you'll be responsible for the difference between what it brings at auction (which will probably be $500) and what you owed. You'll get that bill, and if you can't pay it they'll sue you. They'll win easily, and (depending on what state you live in) the judge can order wage garnishment.

So, when you're done, you'll have a repo AND a judgment on your credit. Don't expect to get financing on anything else for at least 4-5 years.

I read this in one of your comments: "My step-dad told me to wreck it and get money for another car" -- It doesn't work that way. Your insurance company will only pay book value on the car, and they don't send that check to you… They send it to the lender. You won't see a dime, and will probably end up getting a bill from the lender. Nobody gets a payday from wrecking a car that has a loan against it.