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Bad idea!! This is called a voluntary repossession. Your credit will be ruined for 7 years, and you will still be responsible for the difference in what the bank sells the car for and the balance on the note. Go to the bank and sit down and work out new payments. Sell the car yourself and borrow the difference if you are upside-down on the loan. Have someone possibly take over the payments. Do whatever is necessary to avoid a repossession.

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โˆ™ 2006-04-09 14:08:31
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Q: How do you surrender a car to the bank or lender?
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Related questions

You want to surrender your car because you cant afford the payments?

Call your lender.

Can you surrender your car to the loan lender to prevent repo and not have to make payments anymore in California?

NOT unless the LENDER agrees before you do IN WRITING.

Do we the people have to submit my bank statements to the bank holding a car loan?

Not after you are approved. if you can't afford to pay, surrender it/

Can you willingly repossess a car?

Unless you are a creditor, I assume you mean can you surrender a car to the lender in a voluntary repossession. If the creditor will do it, you can. Obviously it will depend on the mileage and condition of the car, but these days it is complicated by the state of the economy, so not likely. You can surrender the vehicle in a Chapter 7, where the creditor has no choice.

What is the process if you want to surrender your car in the state of New Jersey?

Call your lender, let them know you cannot continue to make payments and for them to have the car picked up. They will make the arrangements from there.

Should you surrender your car to the lender before or after bankruptcy?

According to the contract you signed when you bought the car, you should surrender it any time you are in default. Sooo, what difference does a day, a few days or a month make? The UCC in every state says the lender can demand the debtor make the collateral available to be picked up after default. Hahahaa , never happens. ANSWER?? TODAY.

Is it correct that if you surrender your car unwillingly in Wyoming the bank can't try to collect money owed?


Is it safer to finance through a bank than a car dealer?

Not only safer, but you are also likely going to get much lower interest rates if you choose a personal bank lender, rather than go with the dealer's lender.

Can the bank send someone to your house if you have not paid your car note and tell you that you could go to jail?

If you are delinquent on your car note, and the lender has ordered repossession of the car, a repossession agent may come to your home or place of work and demand you surrender the vehicle. If you refuse, or attempt to hide the vehicle, you could, in some states be held criminally liable. The lender could pursue criminal charges against you for hindering their efforts to recover their property. You see, when you contract to make payments on a car, you do not own it, the lender does. You are in essence paying to use the car until the loan is paid in full.

How do I get a title to a vehicle that was secured by a loan that was not reaffirmed after bankruptcy?

You don't. You voluntarily surrender the vehicle to the lender, or at least offer the ooprtunity for the lender to secure it. If the lender declines, you get this in writing and ask the lender to surrender the title to you. On the outside chance this occurs, you take the title to the DMV and change the title.

Can a repo person come into your closed garage and get the car?

NO. Have him arrested if he did that. _____ Sue the lender/bank do not waste your time with the Repo guys; they are agents of the bank so the bank is responsible for their conduct.

You kept making car payments after discharged in chapter 7 if you stop paying and don't surrender the car can the lender go and undo your bankruptcy?

No. But, the vehicle will become a repossession if payments are not made.

Can a lender take your tax return until the debt is settled after you voluntarily surrender your car and you make payment arrangements with the them?

NOT unless they get a judgementand attach your returns.

Can you use your car as collateral for a loan?

Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.

Return a finance car to the lender?

My car was crashed and I lost my job. How do I return the finance car to the lender?

What Is A Non-Bank Lender?

A non-bank lender is any lender that isn't a bank. This will include non-profit lenders and online lenders. They’re generally regulated as commercial lenders, but aren't banks.

Can you surrender an investment property to your lender to pay for another property in foreclosure?

That decision would be up to the lender.That decision would be up to the lender.That decision would be up to the lender.That decision would be up to the lender.

How do you reacquire your car after its been repossessed?

You contact the LENDER. Very simple. Have the bank /lender fax the exact amount you need to pay and tell them you want the repo fees included in that number.

Our friend bought a car for his girlfriend and they broke up you took over the car payments for him The car has been reposessed can you get the car back?

The only person that can get the car back is the one who signed the lien(and/or cosigner) with the bank and/or lender with proper I.D. If your lucky,the bank and/or lender will require all past due payments, or more often they will require the remaining total balance of the loan.You have very limited time to do this.

Can a lender help avoid you having to pay for a car you cannot afford?

When you bought the car, the lender paid the dealer for the car, and you are making payments to the lender, plus interest. The lender will not help you avoid paying him.

How do you become a qualified mortgage lender?

A mortgage lender must be licensed and work within a bank, mortgage bank, or mortgage broker.

How do you get your license plates back after your car is repossessed?

In Mississippi the plates remain with the car. You need to call the bank. They will give them to you most likely. File a stolen report and sue the lender in court.They do not have a right to your plates nor your personal propery.SUE THE BANK/LENDER NOT THE REPO MORON !!! You should Report The Plates Stolen and if someone gets cought with them That will be on the bank or the person that lent them out In Georgia the plates are to be returned to the debtor. they dont stay with the car anymore

Can your finance company put a hold on car registration if you still owe money?

No of course not car registration is the state that has nothing to do with your bank or lender one has nothing to do with the other

Why is the bank reporting a car as a repossession when it was stolen and totaled and you are still paying for it?

Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.

You still have your car but the repo man called and told you that he needed to pick up your car what do you do?

Get hold of whoever it is that you should have paid money to (bank, car dealer...). If you can, pay what you owe, or agree on another payment plan. Once you and the lender have reached a new agreement the lender can call the repo off, and you'd get to keep the car.