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Repossession

Can you let the bank repossess one of your cars?

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2015-10-20 19:48:04
2015-10-20 19:48:04

Yes, you can voluntarily give up one of your vehicles but still continue the payments on the other. It will, however, affect your credit. No repossession on your credit record is positive, but you can at least provide a better logical explanation to a voluntary repossession than you can a forced one. It does at least show good judgment on your part to make a responsible decision to no longer carry the burden of both cars if it is not reasonable for your budget.

Heres some truth to matter.I have been doing repossessions for 5 years. To give you a straight up answer...I like this job. Its good money, but I've had my $*@& repossessed before and I know its not fun, especially when you've put alot of money into it. Alot of times finance companies or buy here, pay here lots are happy to assist you in any way possible in getting these vehicles paid for. Banks on the other hand that I've dealt with are not so willing. They want the car paid off after they repo it and that's it...no other choice. Others are just asking you to pay your payments up and not be late again...I myself like those kinds. If you can't pay for the car and you have another one...be kind to us that try to make a living like the rest of you and let us pick it up and let it be peaceful. Whether, you let it go back or not, its still on your credit as a repossession. It just looks better when you've made the decision to give it back voluntarily. But no, when there is a breach in peace, you do not have to give these vehicles back. After so long, they write these off and it'll be on your credit and you'll probably get garnished for it and pay for it anyway. The only problem is watching for that repo person. They will catch you at the grocery store and snatch it up and that's it. I personally, like to talk to these people and let them get their belongings out of the car and tell them their options. I know when someone takes your vehicle in the middle of the night and takes your kids car seats and your other personal things...it makes you quite mad to wake up in the morning and see your vehicles been jacked. That's why I try everything in my power to talk to these people before the vehicle is taken. Just remember this people, we do this for a living and trust me, yes we like this job because it pays good, but on the other hand...we don't like taking peoples stuff, but if you cant pay for it, you cant pay for it. Be kind, return the vehicle, and make life easy for us all, and then let it go. It looks good on you and makes our job easier. Make life easier for our officers to, don't make a scene and make us call them. You definetely wont get your car back that way either.Peace to all and please make your payments if you can or at least call your finance company.

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YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."

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That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic's lien without first paying that lien.

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They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.

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No they cant only the behind on its payment can be taken.Even if the same bank is used on both cars only the car behind on payment will be taken.

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