HomeDo you pay what is left on the loan or what the lienholder sells it for on a voluntary repossession of a car?
Wiki User
2015-07-15 18:40:13
2015-07-15 18:40:13
On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.
Related Questions
You can always make an offer, but its up to the lender whether its accepted.
In most states, you will owe whats left owing after the ins. co. pays.
Well first off, it's not like he could get a refund. If he is simply going to let it get repossessed, he can have someone else drop it off & he can send the lienholder a letter stating he is voluntarily letting them repossess the vehicle, along with location of where it was left. Voluntary repossessions avoid additional charges, towing, repossession fees,etc.
The bank's repossession of their house left the family with no place to live.
Example sentence - We all contributed in the voluntary clean up efforts after the tornado left a path of destruction through our town.
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