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It would depend on the contract you had

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Q: Can a lender make you pay the balance owed on the car if you voluntary give it back?
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If the creditor tells you that you would have a zero balance if you give the car back how will this look on your credit when purchasing another car?

It will look MUCH better IF you can get the lender to put the"ZERO BALANCE" part IN WRITING before you give up the car.


Whats worse voluntary car repossessions or regular car reposessions?

It's the same on your credit, However it will save you money on repossessions fees if you voluntary Take the car back, because the Lender or finance company wont have to send out a repo. team to recover the car witch cost a lot of money and time. The repossessions will look about the same on your Credit, However it best to voluntary give it back, Because if you cant pay fo it then the right thing is to give it back to the Legal owner! It's the same on your credit, However it will save you money on repossessions fees if you voluntary Take the car back, because the Lender or finance company wont have to send out a repo. team to recover the car witch cost a lot of money and time. The repossessions will look about the same on your Credit, However it best to voluntary give it back, Because if you cant pay fo it then the right thing is to give it back to the Legal owner!


Can you just give your vehicle back to the lender if you can no longer afford payments and are totally upside down on the loan?

Yes, it is called a voluntary repossession. It is not much different then when they would come take it except you will save on the costs associated with a normal repossession. You will still owe the difference between your loan balance and what they dispose of the car for, so you are much better off trying to sell it privately if you can.


If you voluntary give back your vehicle repo and they resale it any way they want do you still owe the whole bal or the difference?

You will generally owe the difference between the outstanding balance on the loan and what they were able to sell the car for.


What happens to my credit if I voluntarily give my car back to the bank?

Even if surrendering a vehicle is voluntary, you will still be responsible for the amount owed on the loan after the sale of the vehicle. Most lenders report to the credit bureaus and any unpaid balance will be reported, as will payments made or missed on this balance.


If I voluntary give back a Motocycle for repossession will you have to pay the total owed on the loan to take back the motorcycle?

Probably.


Can an heir assume an auto loan balance?

That would be up to the lender. Of course, the executor of the estate would have to give that heir the equity in the auto.


What happens when you voluntarily give back a car?

Bad things, among which is ruined credit for 7 years, payment of the balance left on the note after the bank sells your car. Not good things. Don't do it. Call the lender and work something out.


Your car was seized on a judgment now your lender wants to repossess it from the sheriff and give it back to me can that happen?

No.


You want to give back your truck to GMAC but it has a bent fender What would you do?

You need to specify if this is a lease or voluntary repo. You are going to ruin your credit for 7 years, and you are worried about a bent fender? It doesn't matter, they will sell the car anyway. After that you will still be responsible for the difference in what the car sells for and the balance on the note. Voluntary repossession is a stupid idea. Work something out with GMAC.


What is voluntary repossession?

It usually occurs when someone has become delinquent in payments and the bank has called in the balance of the payments owed. The borrower may return the vehicle to the lending institution and the vehicle will be sold at auction and any money received (less the costs of selling and transporting the vehicle) will be applied to the loan. It would be far better for the borrower to sell the vehicle for as much as he/she can get and apply that to the loan. To do that you will need to make arrangements with the lending institution since most car loans that get to that point are "upside down". At least you won't end up owing the bank quite as much if you sell it yourself. voluntary repossession is a term used, when you the borrower on a loan (usually vehicle) cannot keep up payments for one thing or anopther. You are giveing it back to the back or whomever the lender is. This will still be a negative on your credit report, no matter what folks tell you. Best bet is to sell yourself and give all proceeds of sale to lender and work on further terms to pay off balance (if any). It is when you turn your car into the lender and state that you cannot pay for it. It is no less damaging to your credit than if the repossess it without your consent. Don't do it! Contact the lender and work this out. Your credit rating will be damaged for 7 years. You will also still have to pay the difference in what your car sells for and the balance on the note.


Can you give your property back to the bank?

Visit the lender and find out how to make this happen. It may have tax ramifications, but there should be a process.