How do cars get voluntarily repossessed if they are not still in the same state they were purchased in?
The person who has the car calls the lender and tells them where to pick it up. the lender might say"just drop it off at XYZ dealership"....or they might send someone to your home to get it.
What do I do with a car that was voluntarily repossessed and the finance company won't come and get it?
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
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).
What happens in Texas if you voluntarily have your car repossessed and money is still owed after the car has been sold at an auction?
Why do you still have to pay and how can your wages be garnished when you voluntarily allowed your car to be repossessed and it was sold for the complete balance owed?
If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.
When a car is repossessed voluntarily will the lender still try to go after the cosigner first to collect the rest of what is owed on the car?
If you cosign on a loan and the car is moved out the state it was purchased and repossessed in another state and returned to borrower is the cosigner still responsible?
To give you a short answer, YES. The location of a secure asset has nothing to do with the obligation to repay the debt. There are some loans that are written with restrictions which would make the whole loan due (without default) if the car is removed from a certain locale (from some shady car dealers who self finance).
You do not want your car repossessed for any reason! it will ruin your credit, you will still have to pay for it once it sells for less than what you owe at auction, and eventually a repossession catches up to you! What you can do to save your car is contact *CAR HELP USA* tHIS company will lower car payments, lower interest rates, get you current with your auto loan, stop repossession, refinance, and…
What is the worst thing that can happen to you if your car from Missouri was voluntarily repossessed?
Your credit may still be attached negatively unless you have a written agreement stating otherwise. You may also still be held responsible for the balance owed for the vehicle. Check your local Attorney General Office, Consumer Affairs Dept for case specific details. They may be able to come to a better solution.
Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.
Can your vehicle be repossessed after the loan and security agreement has expired but you still owe a considerable sum?
In the state of Texas if your car is voluntarily repossessed can they sue you for a deficiency judgment and charge it to your credit card without your permission?
Yes, they can sure you for any monies still owed on the vehicle. No, nobody can charge anything to your credit card without your permission. But beware, there may well be some clause worked into the mice-type on the agreement that you never even noticed was there. Go over any paperwork you have; if you don't see anything about implied permission given for them to charge your account, dispute the charge with your credit company…
depends on your state laws and your loan agreement. In my state you are responsible for what ever you still owe on the car and any fee I charge. If your car is sold that amount will be deducted from what you owe. In other words, I repoed a car and the guy owed $2000, I bought it for $600 plus my fee. He still owes the bank. $1400
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay…
Answer It is possible to voluntarily relinquish parental rights if you meet the TPR requirements pursuant to the laws of the state. (Side bar: Don't expect a friendly reception from the presiding magistrate.) In most cases, you will still have to pay child support, even if you voluntarily sign away parental rights.
You are not giving it back to the bank, you are having your car voluntarily repossessed. It ruins your credit for 7 years. Which may sound like a bad thing, but in reality will keep you from buying more car than you can afford for the next 7 years, which is a good thing. Remember if you do this, you will still be responsible for the difference in what the bank sells the car for…
If the vehicle is sold for enough to cover the loan maybe not much. but lending gencies dont have time or manpower to wait long. You can still be responsible for any balance between the loan payoff and the selling price. and anytime you dont pay any bill, you damage your credit and everyone looks at your credit report, prospective employers, landlords, it can be really bad