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.
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
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.
Yes, there is no difference. A repossession is a repossession.
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
neither looks good on your credit.
Yes, but perhaps not as adversely as an involuntary repossession.
what are the legalities of voluntary vehicle repossession
a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com
Yes they can but probably only thru the probate court and the estate would have to be solvent.
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.
YES, on a CR, a repo is a repo.
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.
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.
It will save you some money BUT you will still have a repo on your CR.
Yes, they can be garnished for this reason.
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.
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.
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
NO. They can't take what you don't have.
NO, they can attach a lien to be paid FIRST if/when the home is sold.
Yes, it is the same thing.
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.