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Bad idea!! This is called a voluntary repossession. Your credit will be ruined for 7 years, and you will still be responsible for the difference in what the bank sells the car for and the balance on the note. Go to the bank and sit down and work out new payments. Sell the car yourself and borrow the difference if you are upside-down on the loan. Have someone possibly take over the payments. Do whatever is necessary to avoid a repossession.
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∙ 18y ago
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You want to surrender your car because you cant afford the payments?
Call your lender.
Can you surrender your car to the loan lender to prevent repo and not have to make payments anymore in California?
NOT unless the LENDER agrees before you do IN WRITING.
Do we the people have to submit my bank statements to the bank holding a car loan?
Not after you are approved. if you can't afford to pay, surrender it/
Can the bank send someone to your house if you have not paid your car note and tell you that you could go to jail?
If you are delinquent on your car note, and the lender has ordered repossession of the car, a repossession agent may come to your home or place of work and demand you surrender the vehicle. If you refuse, or attempt to hide the vehicle, you could, in some states be held criminally liable. The lender could pursue criminal charges against you for hindering their efforts to recover their property. You see, when you contract to make payments on a car, you do not own it, the lender does. You are in essence paying to use the car until the loan is paid in full.
Can you willingly repossess a car?
Unless you are a creditor, I assume you mean can you surrender a car to the lender in a voluntary repossession. If the creditor will do it, you can. Obviously it will depend on the mileage and condition of the car, but these days it is complicated by the state of the economy, so not likely. You can surrender the vehicle in a Chapter 7, where the creditor has no choice.
What is the process if you want to surrender your car in the state of New Jersey?
Call your lender, let them know you cannot continue to make payments and for them to have the car picked up. They will make the arrangements from there.
Is it correct that if you surrender your car unwillingly in Wyoming the bank can't try to collect money owed?
NO.
Should you surrender your car to the lender before or after bankruptcy?
According to the contract you signed when you bought the car, you should surrender it any time you are in default. Sooo, what difference does a day, a few days or a month make? The UCC in every state says the lender can demand the debtor make the collateral available to be picked up after default. Hahahaa , never happens. ANSWER?? TODAY.
Is it safer to finance through a bank than a car dealer?
Not only safer, but you are also likely going to get much lower interest rates if you choose a personal bank lender, rather than go with the dealer's lender.
You kept making car payments after discharged in chapter 7 if you stop paying and don't surrender the car can the lender go and undo your bankruptcy?
No. But, the vehicle will become a repossession if payments are not made.
Can a lender take your tax return until the debt is settled after you voluntarily surrender your car and you make payment arrangements with the them?
NOT unless they get a judgementand attach your returns.
How do I get a title to a vehicle that was secured by a loan that was not reaffirmed after bankruptcy?
You don't. You voluntarily surrender the vehicle to the lender, or at least offer the ooprtunity for the lender to secure it. If the lender declines, you get this in writing and ask the lender to surrender the title to you. On the outside chance this occurs, you take the title to the DMV and change the title.
