Auto Loans and Financing

Can you set up payments for what is left after a voluntary repossession and the vehicle is auctioned?


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Wiki User
2015-07-15 18:47:39
2015-07-15 18:47:39

You can always make an offer, but its up to the lender whether its accepted.


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what are the legalities of voluntary vehicle repossession

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Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).

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Either you'll get your payments current plus repossession fees, or your vehicle will be auctioned off, and you'll still be liable for the remaining balance after the auction.

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a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you.

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miss a couple of car payments and you will find out!

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