0
Can the financial institution holding your car loan sue you for the deficiency after a voluntary repossession of your car in Virginia?
Wiki User
∙ 8y ago
I didnt see any limitations as to HOW the repo occured. § 8.01-427. Persons entitled under decree deemed judgment creditors; execution on decree.
The persons entitled to the benefit of any decree or order requiring the payment of money shall be deemed judgment creditors, although the money be required to be paid into a court, or a bank, or other place of deposit. In such case, an execution on the decree or order shall make such recital thereof, and of the parties to it, as may be necessary to identify the case; and if a time be specified in the decree or order within which the payment is to be made, the execution shall not issue until the expiration of that time.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
What happens when you dont payfor a car if you dont pay after signing a agreement to keep the car after bankrupty.?
Delinquency of 3 months or more (in some cases 2 months) will result in repossession of the vehicle. If you are unable to keep your payment arrangements I would suggest contacting your financial institution to see if they are willing to work out a different payment arrangement with you. If that is not an option than voluntary repossession is the way to go. It will save you money in the long run.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
Can wages be garnished for the balance of a loan in a voluntary repossession?
Yes, they can be garnished for this reason.
What does a voluntary repossession do to your credit?
Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
In Georgia should you do a voluntary repossession or just repossession?
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.
Can you be arrested for a voluntary repossession?
NO
How long does a voluntary repossession stay on your credit report?
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
Is a voluntary repossession better than a repossession?
neither looks good on your credit.
Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
Can a finance institution go after a deceased persons estate to collect on a car turned in under voluntary repossession?
Yes they can but probably only thru the probate court and the estate would have to be solvent.
What are car repossession laws in Missouri regarding notification to auction a vehicle?
what are the legalities of voluntary vehicle repossession
What is willing repossession?
a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com
What is the difference between voluntary repossession and regular repossession and the pros and cons with it?
Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.
What happens when you dont payfor a car if you dont pay after signing a agreement to keep the car after bankrupty.?
Delinquency of 3 months or more (in some cases 2 months) will result in repossession of the vehicle. If you are unable to keep your payment arrangements I would suggest contacting your financial institution to see if they are willing to work out a different payment arrangement with you. If that is not an option than voluntary repossession is the way to go. It will save you money in the long run.
