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Can the financial institution holding your car loan sue you for the deficiency after a voluntary repossession of your car in Virginia?

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2015-07-15 18:33:51
2015-07-15 18:33:51

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.

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

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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.

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

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


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