Towing Issues: Voluntary Surrender of vehicle to Bank, tow dolly, voluntary surrender

Question
My 20 yr. old son just recently let me know he is behind in his tuck note to the bank that it is financed with. He has spoken with a member of the bank several times now on how to work out payments. However he has realized that he can no longer afford the truck. He moved 5 hours away to go to college and asked me if I could transport the vehicle back to our hometown and the bank it needs to go to. I agreed and spoke with an official at the bank letting them know when I would be returning it into their possession. The problem is, I rented a tow-dolly and had my boyfriend come with me upon picking up the truck. My boyfriend mounted the truck on the tow-dolly, secured it properly, and we began our 5 hour trip back home with it. About 75 miles into our return if that, the truck started smoking horrible. We pulled over and discovered he had not disconnected the drive shaft before taking off. The truck is rear wheel drive and he towed it in neutral and it burned up the transmission. I am sure some wiring in damaged as well. He brought the truck to the bank parking lot and parked it. The transmission is ruined. What is the bank going to do to my son now for these damages prior to them taking back possession of the truck? Please advise, as I am sick and worried thinking about the additional debt my son will have now.

Answer
It depends on what finance company it is (or bank). Generally they sell the vehicle at an auction or just sit it outside the bank and place a notice that it is for sale. What year and make is the truck and how much did he have left that was owed on the truck? After the bank sells the vehicle they will expect your son to pay the difference from what he owed. Banks will often work with you to cut cost or expense where they can if you call them. You can probably explain to the bank what happened and work out something with them about the amount it would cost to repair the transmission. I don't think any wiring would be damaged except in the transmission. If you have insurance they may pay for the damage if you explain it right. Just depends on your insurance.