answersLogoWhite

0


Best Answer
Copy

I didnt see any limitations as to HOW the repo occured. § 8.01-427. Persons entitled under decree deemed judgment creditors; execution on decree.

The persons entitled to the benefit of any decree or order requiring the payment of money shall be deemed judgment creditors, although the money be required to be paid into a court, or a bank, or other place of deposit. In such case, an execution on the decree or order shall make such recital thereof, and of the parties to it, as may be necessary to identify the case; and if a time be specified in the decree or order within which the payment is to be made, the execution shall not issue until the expiration of that time.

User Avatar

Wiki User

โˆ™ 2015-07-15 18:33:51
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +5 pts
Q: Can the financial institution holding your car loan sue you for the deficiency after a voluntary repossession of your car in Virginia?
Write your answer...
Submit

Related Questions

How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


Can you be arrested for a voluntary repossession?

NO


In Georgia should you do a voluntary repossession or just repossession?

The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.


Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


How long does a voluntary repossession stay on your credit report?

For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.


Is a voluntary repossession better than a repossession?

neither looks good on your credit.


Will a voluntary repossession from your spouse affect your credit?

Yes, but perhaps not as adversely as an involuntary repossession.


What are car repossession laws in Missouri regarding notification to auction a vehicle?

what are the legalities of voluntary vehicle repossession


What is willing repossession?

a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com


Can a finance institution go after a deceased persons estate to collect on a car turned in under voluntary repossession?

Yes they can but probably only thru the probate court and the estate would have to be solvent.


What is the difference between voluntary repossession and regular repossession and the pros and cons with it?

Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.


Does voluntary repossession hurt your credit?

YES, on a CR, a repo is a repo.


How long does a voluntary repossession affect your credit rating?

7 years.


If you bought a used car and want to return it and buy a cheaper one will it ruin your credit?

What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.


What happens when you dont payfor a car if you dont pay after signing a agreement to keep the car after bankrupty.?

Delinquency of 3 months or more (in some cases 2 months) will result in repossession of the vehicle. If you are unable to keep your payment arrangements I would suggest contacting your financial institution to see if they are willing to work out a different payment arrangement with you. If that is not an option than voluntary repossession is the way to go. It will save you money in the long run.


Is it better to do a voluntary repossession?

It will save you some money BUT you will still have a repo on your CR.


Can wages be garnished for the balance of a loan in a voluntary repossession?

Yes, they can be garnished for this reason.


When the borrower agrees to a voluntary repossession but their mother contests the action is that a wrongful act of repossession?

No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.


How long does the state of Florida have to file a voluntary repossession claim against you?

There is no specific time limit for a repossession in Florida. Florida law does not require a creditor to give notice before starting a repossession.


Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?

call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.


If you do a voluntary repossession on your auto can your house be taken by the bank if you have no equity in it?

NO. They can't take what you don't have.


If you have a voluntary repossession can they take your home?

NO, they can attach a lien to be paid FIRST if/when the home is sold.


Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?

Yes, it is the same thing.


If you work in North Carolina and live in Virginia can your wages be garnished for a voluntary repossession?

Yes.


What does a voluntary repossession do to your credit?

Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.