That is a repossession. Anytime the lender get's the car back instead of the money agreed to on the contract, it's a repossession. It will show as a voluntary repossession. And hurts the credit. Doing it does not relieve you of any deficiency between the amount the car gets sold by the bank for and the amount you owe. However, you would save many of the costs that the bank would have to expend, (fee's, towing, etc.,) that would become part of the amount you owe (hence make that possible deficiency bigger) in a "normal" repossesion. It is definately better, ABSOLUTELY ALWAYS, to co-operate, even work with the lender if you cannot make payments and would end up with an involuntary repossession. And when you do this "possession in lieu of forced repossession", you may be able to get them to agree to any number of things: Perhaps even waiving any deficiency; very possibly along with allowing you some time to sell it yourself - which is cheaper to all than having to have a broker and such involved, and can get substantially more for the car than it being sold in a bankers wholesale auction.
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.
First off you will be required to pay the repossession fees unless you voluntarily turned the car in. Secondly you will be required to pay the deficiency. The deficiency is the difference in the amount the lender sells the car for and the amount you owe. Let's say you owe $10,000 and they sell the car for $8,000. That leaves you owing the lender $2,000. Thirdly this repossession will be placed on your credit report and will stay there for 7 years. Repossession should be the last resort after you have talked to the lender and done all you can to avoid this. Sell the car to another individual even if you have to sell it for less than it is worth, then pay the lender the deficiency out of your pocket to avoid repossession. Have someone take over the payments. Whatever it takes to avoid this.
A teacher walks into the Classroom and says If only Yesterday was Tomorrow Today would have been a Saturday Which Day did the Teacher make this Statement?
How many 3s in 313433535333?
What year woould you graduate high school if you were born in 1968?
What funnehcake roblox password?
How long does it take a oak tree to grow 30m high?
How many bones in a squirrels hand?
What pro football team did dan blocker play for?
Who would be the oldest if they were alive today William Shakespeare George Washington Albert Einstein Leonardo da Vinci?
Have you ever crashed a wedding or had your wedding crashed, if so what happened?
How many times did Joe Biden run for president?
What is the world’s oldest soft drink?
How many novels did Charles Dickens write?
What do the colors on America's flag mean?
How did Harry Houdini come up with his stage name?
What is modal fabric?
What were George Washington's false teeth made from?
What helps you manage folders stored in various locations on a computer or divce?
Why is milk used an antidote for lead poisoning?
Accountancy is necessary while auditing is a luxury comment?
What term means a group of connected or related objects or materials?
Why is corruption an unwanted activity in a country like in the Philippines?
How much pavan is one kg gold?
What is the name of Lavanya in devyani serial?
Which one of the following situations is least likely to lead to a breach of the contract?
Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.