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You can avoid repossession of your car by keeping tab of your car payments, discuss your situation with the creditor instead of ignoring them. Other things you might want to consider would be to sell the car to at least pay off some of what you owe, or file for bankruptcy.
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∙ 12y ago
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Can you lock your car in a fence to avoid repossession?
no
What will a car repossession do to your credit rating?
A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.
How can you avoid a repossession of a car?
Of course the best way to avoid repossession is to stay current with your payments. If that is not possible, don't just ignore it. Call you bank or loan company and explain the problem. Quite often you can reach an agreement that will forestall repossession.
What are the repercussions of an automobile repossession?
First off you will be required to pay the repossession fees unless you voluntarily turned the car in. Secondly you will be required to pay the deficiency. The deficiency is the difference in the amount the lender sells the car for and the amount you owe. Let's say you owe $10,000 and they sell the car for $8,000. That leaves you owing the lender $2,000. Thirdly this repossession will be placed on your credit report and will stay there for 7 years. Repossession should be the last resort after you have talked to the lender and done all you can to avoid this. Sell the car to another individual even if you have to sell it for less than it is worth, then pay the lender the deficiency out of your pocket to avoid repossession. Have someone take over the payments. Whatever it takes to avoid this.
You returned a car you purchased because you could not pay for it?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
Should you buy reposessed car?
I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player). I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player).
Where do you get car repossossion permit?
who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?
How do you write a car repossession letter?
How do you write a car repossession letter?
Is concealing a car from repossession a felony in Georgia?
is concealing a car from repossession a felony in georgia?
How can you avoid repossession by selling the car yourself without the title?
You cannot "sell" a car without the title because the title is proof of ownership. Without the title the buyer can't register and insure the car.
If i am 167 days delinquent on your car payment's. can you work something out with the lender to avoid repossession?
No one can answer this question except the lender. You need to contact them and ask.
How long does the repossession process of a car usually take?
The repossession process of a car usually takes about 6 months
