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Neither. You credit will be ruined for 7 years. You will also have to pay the difference in what they sell the car for and the balance on the note, plus administrative fees. Contact the lender and work something out. Voluntary or not, having your car repossess is a very bad idea with long term consequences. Don't let it happen. there is a big difference in involuntary and voluntary repo. Talk with your finaceers and tell them you have to let it go back.Make arragments to take it to them You will have to pay any difference they get for selling the car.It will be on you record but being voluntary it will not stand as a repo. you will still be able to get the credit you need. Due to health I did this with a house and car.It did not hurt my credit.Everyone was willing to give a second chance.
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What is better self surrender a car or have it repossessed?
Neither is very good, you lose your car either way. However I would recommend waiting for it to be repossessed because they may not take it. If you know for certain that they are going to take your car you should surrender it because it might make them slightly happier with you.
Can you sell the engine out of a car that is going to be repossessed?
No, you must surrender the vehicle in the condition you received it in.
When a car is repossessed what do you do with the insurance?
When a car has been repossessed the person paying the insurance should cancel it.
Should you cancel the car insurance on a repossessed car in Florida?
Yes of course you should!
Should you cancel the car insurance on a repossessed car in NJ?
yes
How do you find out who repossessed your car?
The bank/lending company are the ones who repo your car the repo chimps are just their agents.Your bank should tell you.
What if you want your vehicle repossessed?
I heard if you surrender your car back to the bank the loan is from, they will auction the car to get money back, if they DONT get the whole amount of what you OWE on the car... They will bill you the balance.T
Is it legal to drive a car that is supposed to be repossessed?
No. Just know that you may stop somewhere to go shopping and find that you are walking home. Also, you should know that if you were to surrender it, there would be less in repo fees and you are more likely to keep any personal belongings that are in your vehicle.
Drugs found in repossessed car who is at fault?
You should discuss this with an attorney, but the investigation will likely center on the person it was repossessed from.
How do you get your car out of impound if it was repossessed?
Pay the company for the car, like you should have during the time you had it.
How late does your payment have to be before your car can be repossessed in Florida?
Its NOT a matter of HOW late, just that you ARE late. Read your contract. That should explain when you are in DEFAULT.
How much would it hurt your credit if the car you co-signed for gets repossessed?
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
