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.
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."
If a bank was to repossess a car then your car would be put up for auction. You may get the car back at any time before the auction by making the lost repayments up. Many people wait till the auction and buy the car back at a very low price according to one of the websites on the internet. This way they pay less than the repayments were costing and have got their car back.
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.
As long as you continue to make the payments, you are OK. If you fail to make the payments, they will repossess the car, sell it, and you will then owe the difference in what it sells for and the balance on the loan. The previous answer overlooked one important point. INSURANCE WAS EXPIRED If they don't repossess it, it is only because it is worthless after the accident. What they would prefer to do in this case is "accelerate the payments", i.e. make you pay the remainder of the loan immediately. Then you can worry about disposing of the carcass.
Give me food and I will live give me water and I will die what am I?
How do you get 1000000 robux for free?
What is 8 divided by 2(2 plus 2)?
Baseball players with 3000 hits 300 home runs and a 300 batting average?
40 thousandths equals how many hundredths?
Who was Hillary Clintons running mate in the 2008 presidential elections?
How many triangles in a pentagram?
Which is greater 1500 mL or 1.5 L?
What are the dog days of summer?
What is the toughest academic course according to the Guinness Book of World Records 2011?
Why do so many foods "taste like chicken"?
Who invented Lincoln Logs?
How did chickenpox get its name?
What is doomscrolling?
How did the Wiffle Ball get its name?
Do schools still teach cursive writing?
WHAT IS THE EXPECTATION ON THE SUBJECT NSTP AND TO THE INSTRUCTOR AND CLASSMATE?
What are the manifestation of a satisfactory selling career?
How does the dwarves music affect Bilbo?
An inverted image is the characteristics of a?
Why is there a need to familiarize yourselves with morphology of fishes?
What is the grammatical name and function of this sentence before the harvest began?
How should the state react the violation of law?
How is medium a factor in representing the filipino identity in a work of art?
Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.