I would not allow the vehicle that you are writing about to be repossessed. The reason is that a repossession is a blemish on one's credit report. Secondly, if you had insurance for the vehicle you should be able to simply pay off the vehicle.Even if you do not have insurance for the vehicle, if the loan was for $700.00, I would pay off the loan and simply have the car taken to a place that buys vehicles for parts in that donating it to a charity will not get you much of a tax break in the condition that it is presently in.