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Liens

Can the difference in money owed and value be claimed from you after having a car voluntarily repossessed?

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2015-07-15 21:29:13
2015-07-15 21:29:13

In MOST cases, YES.

PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.

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Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.

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