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Yes, it is called a voluntary repossession. It is not much different then when they would come take it except you will save on the costs associated with a normal repossession. You will still owe the difference between your loan balance and what they dispose of the car for, so you are much better off trying to sell it privately if you can.

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โˆ™ 2010-03-29 14:53:06
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Q: Can you just give your vehicle back to the lender if you can no longer afford payments and are totally upside down on the loan?
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Related questions

You are financing a vehicle but you can no longer afford payments what can you do?

Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.


You want to surrender your car because you cant afford the payments?

Call your lender.


How do you take over the payments of a vehicle?

You must talk to the lender who has a lien on the vehicle. It is up to them if you will be allowed to take over the payments.


Can a lender help avoid you having to pay for a car you cannot afford?

When you bought the car, the lender paid the dealer for the car, and you are making payments to the lender, plus interest. The lender will not help you avoid paying him.


Can you close on the sale of your home with an outstanding personal loan?

If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.


Can someone still cosign for you if they are already financing on their own?

That depends on the lender and whether the proposed co-singer can afford both debts. The lender requires a co-signer so they will be responsible for the payments if you stop making them. Therefore, the lender looks at the co-signer as though they were borrowing the money.That depends on the lender and whether the proposed co-singer can afford both debts. The lender requires a co-signer so they will be responsible for the payments if you stop making them. Therefore, the lender looks at the co-signer as though they were borrowing the money.That depends on the lender and whether the proposed co-singer can afford both debts. The lender requires a co-signer so they will be responsible for the payments if you stop making them. Therefore, the lender looks at the co-signer as though they were borrowing the money.That depends on the lender and whether the proposed co-singer can afford both debts. The lender requires a co-signer so they will be responsible for the payments if you stop making them. Therefore, the lender looks at the co-signer as though they were borrowing the money.


When arranging payments on a vehicle that you surrendered who sets the amount on what you pay monthly?

The same one who set the payments when you got the loan, the LENDER.


Is there any way you could get your payments lowered on your vehicle?

YES, Contact your lender and work something out.


When can a car be repossessed in Texas?

In most instances when you get behind on your payments. The exact details of when the lender will repossess the vehicle is listed in the contract you signed when you took out the loan on the vehicle. Read your contract with the lender.


My car was repossessed and now they want me to pay for the remaining balance on the loan and I can not afford it. What can the lender do legally to get payments in the state of Pennsylvania?

no


Can a car dealership repo your car if you already have a lender for the vehicle?

The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.


What happens after a vehicle is repossessed?

The lender sells the vehicle, sometimes at auction. They attempt to get whatever they can for it. Often the price the lender gets is less than the outstanding loan. If the lender gets less for the vehicle than the amount that is owed, the lender will seek the balance (the difference between what was owed and what they sold it for) from the borrower. So, lets say you bought a car for $1000. You quit making payments. You still owed $800 when the vehicle was repo'd. The lender sells the vehicle at auction and gets $500 for it. The lender will come after you for the remaining $300. That's pretty much how it works. Bottom line: make your payments. This is where aflac comes in handy.

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