0
The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.
Add your answer:
Earn +20 pts
Can a lender take a house after a voluntary repossession of vehicle in Pennsylvania?
Yes. I would say because it just should. Who r u? LOSER bye...
If you bought a used car and want to return it and buy a cheaper one will it ruin your credit?
What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.
Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
Can you return your car if you got it from a buy here pay here?
No, you cannot just return the vehicle. The buyers remorse law does not apply to automobiles. You can of course return it as a voluntary repossession, which would be a horrible idea.
I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?
You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.
Is there a form giving permission for a repossession of a vehicle?
Well, yes, there is. It is called the loan or finance agreement you signed when you got the loan for the vehicle. When you sign that, you give permission for the bank to repo the vehicle if you don't make the payments. Unless you are talking about a "Voluntary Surrender", if that is what you are talking about, just call your bank and they should have one.
If you had a voluntary repossession in Illinois and receive a notice for the outstanding balance will the loan be wiped off if you file for bankruptcy or will the co-signer still have to pay?
the co-signer is just as responsible for the debt as you are, hence the name "co-signer"
What is needed to become a repossession agent in Oklahoma?
my answer is to just go to oklahoma and just you becomes a repossession agent..........this is not real DONT DO IT.
How do you put voluntary in a sentence?
There was a voluntary firefighter meeting for the people who wanted to volunteer.
If have a voluntary repossession in the State of California are you still liable to pay off the loan?
In California, yes. In some states, no (i.e., Texas). There is no legal difference for deficiency balance between voluntary and involuntary repossession (it should cost less to just pick your car up than it does to have an involuntary repo, which would save you some money if you are going to pay off the deficiency balance). However, you might be able to come to an agreement with the lender to make reduced payments and keep your account current and your credit good. This is all assuming the lender is not able to sell your car for as much as you owe them. If they sell it for more (including costs of repossession and sale) then by law they must refund the difference to you. If you think about what that would cause IF it was true, you would knnow the answer. Did you read your contract??? If you were a LENDER, would you loan money in a state that didnt allow you to collect the balance owed if the debtor did a Voluntary repo???? That would only serve to drive up the costs to those debtors would DIDNT do a voluntary repo. ??YES.
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.
