0
yes, contact your leinholder and tell them that you will no longer be making any payment and where they would like for you to leave the car
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
How does repo of a leased vehicle differ from repo of a financed vehicle?
NO, a lease is simply a contract like a loan. DEFAULT of either calls for repossession.
What happens to the state registration if you voluntary repo a vehicle?
The license plates are yours to keep and transfer to another vehicle if you wish.
What if you have a car for repo and they wont come and get it when you tell them to?
Some creditors will not do voluntary repo's because the collateral is not worth what the repo process costs them. I do recommend that you send them a letter certified stating you request the vehicle be picked up by a specific date and you will not be responsible for anything that happens to the vehicle after that date.
If you had a repo in the past can you still buy another car?
Yes, this is not only possible, but if you were responsible and surrender the vehicle for repossession it can be quite easy. I have had both a voluntary repossession as the result of a BK, and a voluntary lease surrender for the same BK. Since that time, long, log ago, I have had many vehicles, and many vehicle loans. At first I of course paid higher interest. But even that reduces with time and a good history.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
If you do a voluntary repo and get another dealerships car will that hurt your credit as bad as not making any payments for a repossession?
A repo is a repo is a repo.
If you have a voluntary car repo while you are in chapter 13 how does it appear on your credit report?
as a repo
What are examples of voluntary car repo?
If you call the Bank; Finance Company and let them know that you are going to return the vehicle to them. They tell you where you can drop the vehicle off and you deliver it to that place. That is a voluntary repossession. The only other thing would be if the Bank; Finance Company agrees to pick the vehicle up at your residence at no charge.
If you turned in a lease vehicle and had one more payment but you can't pay at this time can they say its voluntary repossion in five days?
It appears they are trying to help you with the 5 days part. READ the lease agreement for more info on when the lease is in DEFAULT.
What happens after a voluntary repo and the vehicle has been sold at auction and money is still owed in TX?
They will try and get the balance from you either through the courts or thru negotiations with you.
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.
