You can always make an offer, but its up to the lender whether its accepted.
what are the legalities of voluntary vehicle repossession
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.
a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com
miss a couple of car payments and you will find out!
Yes, it is the same thing.
The most common type of repossession notice when a person has not been making loan payments for a car or truck. If the lender does not receive payments, the vehicle may be towed away.
If there are payments outstanding, you, the co-signer, are responsible. That's the point of being a co-signer; you agree to pay the debt if the primary cannot.
No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.
It goes through a legal process, and if you fail to get your vehicle back, it will be auctioned of to help fund the government.
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.
Voluntary repossession" is a term used to describe a situation in which a consumer voluntarily surrenders the property securing a loan, such as an automobile, to the lender that financed the purchase. Voluntary repossessions generally occur when a consumer has fallen behind on his or her loan payments, and decides to surrender the property rather than forcing the creditor to proceed with repossession. Voluntary repossessions occur most frequently with vehicles, but can occur with any type of secured loan, such as the purchase of work equipment, jewelry, etc.