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IF they follow the laws of your state, YES. A repo is a repo is a repo. they may also be able(and more likely if you have a job)to garnish your wages. NEGOTIATE with them, they would much rather have money than the car. TRY to sell the car. Good Luck

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โˆ™ 2015-07-15 18:35:16
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Q: Can your lender place liens or judgments on your credit for the balance owed if you do a voluntary repo?
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Can a lender make you pay the balance owed on the car if you voluntary give it back?

It would depend on the contract you had


If you do a voluntary repossession on your truck will your dad's credit be affected as the co-signer?

VERY MUCH affected. You AND Pop will be expected to pay the balance due after the lender sells the truck. Try to sell it yourself.


How do you open an equity line?

To open an equity line of credit you need to discuss your needs with a lender. The lender will then obtain your information and run a credit check. If you pass the credit check, the lender will then make sure your property is free and clear of any judgments and/or liens. After the property is found to be free and clear, the lender will allow you to take out an equity line of credit loan against the property.


What happens to your credit with a voluntary repossession?

A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.


Will a mortgage lender know about a past foreclosure if it is no longer on your credit report?

A lender might not know at the time the credit is pulled but it may show on the title report. Depending on the state, a title report can show any and all bankrupcies and/or judgments against a person. If any money is outstanding from the foreclosure,it may be found inthe judgments.


Do the same rules apply to the voluntary repo of a mobile home?

Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.


If your loan is current and you turn the vehicle back in to the lender can it still be reported as a repo?

YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.


How long after you have a voluntary repo can the lender hold you responsible for the remaining balance in South Carolina?

== == I know they can't garnish your wages but not sure about liens.


How will voluntary repossession of my home in Texas affect my credit?

The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.


What does a car repossession do to your credit How can you delete it from your record?

It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.


What happens when you can't pay the remaining balance of a voluntary return?

The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.


If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?

Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost

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