The Correct :
Most Finance Companies make this very difficult.
1)Take the vehicle to the manufacturers nearest dealer for a service appointment. Leave the car there. Remember the Service Reps First and last name.
2)Contact the finance company and let them know what dealership the vehicle is at.
3)Notify the finance company that you would like to have your vehicle voluntarily repossessed and to pick it up directly from the dealer. Reference the Service Reps Name and write down the the customer service reps full name.
4)You can ignore any further attempts to contact you by the finance company or dealership.
5)Most finance companies(in California) will not seek deficiency judgement your credit however will be ruined for 3 years.
The finance company has no reason to work with you if you can no longer afford to pay.
You simply call the finance company and tell them that you are unable to pay for the car due to unforeseen circumstances and make arrangement for them to either pick the car up or ask where you should take the vehicle. I had voluntarily surrendered a car years ago and the Manufacturer made arrangements to pick up the car at my home.
There were fees involved and they actually prorate your loan and you will be charged for a certain amount of the cars value. Even if the car is only 3 months old, it is now considered a used car and the finance company cannot sell it as if it were new....it will have depreciated in value as much as 30%
It has the same effect on the credit.
YES, usually you pay MORE down payment and/or higher interest rates.
You need to give the car to the lender - if they are too far away then you need to call them and tell them where it is and ask them how they want to get it.
if i get my car repossessed, can they put a llien on the house?
Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
You are lucky. If you cannot make the payments contact the lender and try and work something out. If not voluntarily turn the car in yourself. You will save yourself the repossession fees.
No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.
No, but your car can be repossessed if you don't make the payments.
mine was charged, i left the junker at the car dealership and when i finally got sick of paying for a car i hadn't touched for months, they repossessed something they had possession of.
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, read your contract.
Chris, I dont know the answer to the question YET. I will find out today. Email me latyer on and Ill have it for you. What does the lender "say" they will do???
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
IF the Lender agrees to it, yes. IF it gets the lender money, they will likely agree.
In MOST cases, YES. PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.
When a car has been repossessed the person paying the insurance should cancel it.
IF your name was NOT on the contract, you're NOT responsible for it. If it was , you are.
im sorry you can not
You loose your car...
No, what will happen is this: the finance company will pay off the mechanics lien (usually) and tack that on your loan balance, it would be considered a repo fee.
When you have a car repossessed, either voluntarily or involuntarily, that car will be resold - typically, at an auction. You will still owe the lienholder the amount you owe (plus any associated recovery costs) minus the amount they got for it at the auction.