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It would be better just to turn it in but it's a lot of work trying to locate it and recover it.
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∙ 12y ago
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Should you let your car get repossessed or file bankruptcy or what if you wrecked your car with no insurance and you are 3 months behind on payments?
The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.
Can you let a car be repossessed with scratches on it?
A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.
If you were going to sell a car that was repossessed is it better to get it back and sell or let it go?
It will be far better for your credit if you pay it off and sell it. When THEY sell it they are more than happy to sell it at auction for a loss then turn to you to make up the difference. It can mess up your credit for a long time.
You have one day before your car is repossessed is there any payment options?
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
If your car has been repossessed and you cannot pay what you owe should you let them sell it?
You have no choice.
How can you find out if your repossessed car was sold?
The lender should let you know, you can contact them and they should tell you.
If you cannot pay loan on RV should you voluntarily turn the RV in to the lien holderor let the RV be repossessed?
It would look better on your record (For future loans) if you turned in the RV voluntarily.
What if your car is being repossessed?
They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.
How do you voluntarily let your car be repossessed?
You need to give the car to the lender - if they are too far away then you need to call them and tell them where it is and ask them how they want to get it.
If a car was repossessed and you called and said you would pay all late payments why wouldn't they let you have the car back?
Perhaps the car is worth more than the remaining payments!
Is it better to let a car be repossessed or negotiate a buyout with a creditor?
It depends on your financial status, and whether there are other financial factors such as bankruptcy. The repossession is a much more serious blow to your credit standing than arranging a buyout.
Will your car insurance company let you have a rental car if your car was repossessed?
Very unlikely. Car insurance is primarily covering damage or loss of vehicle due to theft. Similar to if your car is being repaired a rental car will not be provided.
