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Can a lender take a house after a voluntary repossession of vehicle in Pennsylvania?
Wiki User
∙ 12y ago
Yes. I would say because it just should. Who r u? LOSER bye...
Wiki User
∙ 12y ago
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Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?
Yes, it is the same thing.
Can you set up payments for what is left after a voluntary repossession and the vehicle is auctioned?
You can always make an offer, but its up to the lender whether its accepted.
If you have a voluntary repossession and the vehicle sells for less than owed can the lender garnish your wages for the difference?
YES, in most states under most conditions.
You returned a car you purchased because you could not pay for it?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
Do Pennsylvania repossession agents have to notify you that they have your vehicle?
Those who have had a vehicle must be notified, typically within 24 hours, but that may be done by the repossesion company, the actual agents, or the original lender. All are acceptable.
If lender listed car as a repossession within last 24 hours is it too late to avoid having it on credit report if it has not been picked up yet?
First of all, a lender does not report a vehicle as a repossession until they actually have possession of the vehicle. Then immediately via computer the code is entered and authorities notified. The credit reporting company may be a little slow getting the repo on your report however, but any new lender is going to check your report before giving you a new loan. After a vehicle is repo'd you usually have a few days prior to sale of that vehicle, to get the vehicle back if you pay the account current plus any repo expenses if it was a voluntary repo. If it was not voluntary, and the lender had to take the vehicle, they probably will not redeem the vehicle back to you, but it never hurts to ask.
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 a repossession agent take a vehicle without waiting for the borrower to show proof that payments have been made?
Yes. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.
What if the co-buyer says they are not going to make any more payments and the vehicle breaks down and need repair?
If the cobuyer is in possession of the vehicle in this scenario, then eventually the lender will put it out for repossession. Once located, the repo agent will secure the vehicle or will have it assessed for the lender to determine if they want it or not, if it is worth repossessing. Either way, if you are the primary on the account, it will negatively affect your credit. It might be better for you to contact the lender and divulge the location of the unit. As a signer on the loan, you have the right to sign a voluntary repossession and surrender the vehicle. In light of the irresponsible behavior of the cosigner, it is the right thing to do.
Will Harley dealership repossess when in for service?
Dealerships are not typically recognized repossession agents, however, if you bring in a vehicle for service, and a valid repossession order exists for that vehicle, the delareship may secure the vehicle for the lender so that repossession may take place.
What can happen if you hide a vehicle from the repossession agent in NewYork?
after a legal process the lender can both sue and have you arrested.
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.
