From my experiences in 2006/2007 :
Customs officers at the main border between Formosa and Asuncion don t give you any vehicule import paper since they assume you are driving a Mercosur registered vehicule. If you go back thru that border, you shouldnt have any problem.
If you take the ferry westwards of that border, they will give you an import paper which will allow you to leave any border without problem.
I dont know how customs are working since the colorados lost control of the country. Corruption might or might not have decreased, making your exit more or less difficult.
Officially, you do need an import document tho, so without it you are vulnerable to corruption attempts.
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