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The bank will contract out with a towing company/recovery company and will tow the vehicle to an auction yard.
The vehicle will usually be sold at a private auto auction where there are auto dealers there that purchase repossessed vehicles. The person who pays the most, wins the vehicle.
Within 30 days after the auction, you will receive a letter from the bank that will tell you how much the vehicle sold for and how much the deficiency balance remains.
Then the collection activity begins. They will constantly call you and ask when they will get their money. Sometimes they will work out a monthly payment with you, and sometimes they won't.
If you don' t have the several thousand dollars laying around, then usually you will have no other choice but to file bankruptcy. They could sue you and get a judgment against you. Then they could garnish your wages, take your checking account, put a lien on your house, etc.
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How do you voluntary surrender your vehicle to Wells Fargo Louisiana?
park outside a the bank, put a skunk inside it and leave
If you had a repo in the past can you still buy another car?
Yes, this is not only possible, but if you were responsible and surrender the vehicle for repossession it can be quite easy. I have had both a voluntary repossession as the result of a BK, and a voluntary lease surrender for the same BK. Since that time, long, log ago, I have had many vehicles, and many vehicle loans. At first I of course paid higher interest. But even that reduces with time and a good history.
How do you write a voluntary repossession letter?
Simply state in the letter that you wish to surrender the vehicle, list the loan number, the VIN, or any other way to identify the vehicle and the account with the lender. Notify them where the vehicle can be picked up, and where the keys will be located. And, have it there when the agents come to recover it.
Can you willingly repossess a car?
Unless you are a creditor, I assume you mean can you surrender a car to the lender in a voluntary repossession. If the creditor will do it, you can. Obviously it will depend on the mileage and condition of the car, but these days it is complicated by the state of the economy, so not likely. You can surrender the vehicle in a Chapter 7, where the creditor has no choice.
What will happen if you voluntary surrender your house while in a trust deed?
Unless you are very confused, you know that a trust deed is what some states call a mortgage. A voluntary surrender, if done carefully and probably with a lawyer's help, can result in the mortgage being terminated with no further liability to you. The tricky part is to make sure there is no tax liability on your part due to the cancellation of the balance due on the note.
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.
How do I surrender a vehicle to the bank?
obama did it!!!!!!!!!!!
Is a voluntary surrender weighted the same as a repossession on your credit report?
For all practical purposes, YES.
How do you voluntary turn in your car at the dealership?
Unless the dealership is the one actually financing your car, you don't. You would turn it in to the finance company. You just call them and tell them you wish to voluntarily surrender the vehicle. They'll give you instructions on how to proceed.
What would happen if your heart or stomach were made out of voluntary muscles?
If such things were voluntary we would not exist.
Spouse is voluntary giving up two vehicles His spouse has filed for divorce Neither vehicle is in the wife's name What can happen?
Depend on whether the state is a community property state.
What happens if you voluntary repo a vehicle?
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.
