answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2015-10-20 19:48:04
This answer is:
User Avatar
Study guides

Health

21 cards

Im with someone in the army and we want to get married asap but would he get into trouble he is 21 and im 16

What does teachorous mean

What is the first aid treatment for arterial bleeding

What is the difference between an intentional and unintentional injury

โžก๏ธ
See all cards
3.38
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
45 Reviews

Add your answer:

Earn +20 pts
Q: Can you let the bank repossess one of your cars?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

If you have two car loans at one bank can the bank repossess both even?

Yes they can repossess everything that you got a loan for.


How many payments must be missed before they repossess?

Actually one, I have repossessed cars for BMW where there customer was three days late. it all depends on the states laws I have a website that may help you avoid having your car repossessed. www.stoptheREPOman DONT LET TTHE BANK TAKE YOUR CAR BACK!


Can you be arrested for a felony by driving a car that the bank is going to repossess in Pennsylvania?

No. Repossession is a civil matter not a criminal one.


If you have two car loans at one bank can the bank repossess both even though one loan is current?

YES, IF the loans contain a CROSS-COLLATERALIZATION clause. Were you in DEFAULT of any other conditions of the loans? INS.???


What is Texas law on repose can they repossess from me because i was rude being rude?

They are not going to repossess a vehicle because you were rude. They can however repossess it if you miss just one payment.


Who can repossess a car?

Any one on the title or that has a contract.


If they repossess your vehicle can anything happen to the other vehicles that you own in your name?

No, Not unless you used one of the other cars as collateral for the loan that bought the car the was repossessed. Then they can take the collateral too.


Where can one find information on purchasing repo cars?

Banks that repossess cars may be willing to sell them directly, so try contacting local banks. Otherwise, such cars are generally sold at auctions, so call local auction houses. These events are also sometimes advertised in newspapers.


How much are allowed to spend in the states for one day?

Well it depends how much your bank will let you withdraw because say you had $3,000 in your bank it will only let you take out 2,500.


What is the status of bank repossessed cars?

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.


Can a bank repossess a car if they continue to take payments?

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."


Where can one find a calculator for vehicle loan rates?

One can find calculator for vehicle loan rates from Sainsbury loan, Tesco bank, Clydesdale bank loans, Bankrate, Capital One, M & S Bank,Derbyshire Building Society and Cars websites.

People also asked

What happens when a car is to be repossessed and the bank doesn't repossess it?

View results

When can a bank reposess a car?

View results

Can a bank repossess your car for one missed payment?

View results

How long does a loan company have to repossess your car in Maryland?

View results

How many months can the bank reposession your car in New York?

View results