Money Management

Can a creditor tell you to go get a loan to pay a car repo balance?


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Wiki User
2015-07-14 16:09:19
2015-07-14 16:09:19

YES, but so can I and it wont buy yu a cup of coffee. What they "tell" you to do and what you "can" do maybe be FAR apart. Tell the lender "Good TRY, NO candy bar for you".


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Contact your lender they will tell you.

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Voluntary repo is you call the loan holder and tell them to come get it or you take it to them. Involuntary they have to come & get it.

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Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.

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As cosigner on the loan you are equally responsible for for payment on the loan. If the lender has hired a repo company to take back the ATV for non payment, then the repo company is going to do everything possible to get it. That includes the frequent visits to your home in an effort to locate the ATV. If you want the repo man off your back, tell him where to find what he is looking for....or contact the lender and bring the loan payments current immediately.

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Lets try this; Co.A sells your loan to Co.B for "cash". Now Co.A wants to repo your car? IS that the question? If so, how Co.A got paid is immaterial to you. They could have been paid in widgets as long as Co. A and Co. B were happy. Id Co. A sold with RECOURSE to Co.B and you DEFAULT on the loan, then Co. B will tell Co. A"its back to you now, GO REPO IT". If i understand your question right, the answer is YES.

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