I you simply let the car go, that is not the end of the story. First, your credit is ruined. second, the bank does not want the car, they want the money. So they will sell the car at a wholesale auction. The auction makes a commission and the rest goes to the bank, If it is not enough to cover the amount you still owe, then you will still owe the bank the difference. So how are you going to get another car now? If you can recover the car before it goes to auction, that is usually the best thing to do.