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In California, yes. In some states, no (i.e., Texas). There is no legal difference for deficiency balance between voluntary and involuntary repossession (it should cost less to just pick your car up than it does to have an involuntary repo, which would save you some money if you are going to pay off the deficiency balance). However, you might be able to come to an agreement with the lender to make reduced payments and keep your account current and your credit good.

This is all assuming the lender is not able to sell your car for as much as you owe them. If they sell it for more (including costs of repossession and sale) then by law they must refund the difference to you.

If you think about what that would cause IF it was true, you would knnow the answer. Did you read your contract??? If you were a LENDER, would you loan money in a state that didnt allow you to collect the balance owed if the debtor did a Voluntary repo???? That would only serve to drive up the costs to those debtors would DIDNT do a voluntary repo. ??YES.

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โˆ™ 2015-07-16 19:17:17
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Q: If have a voluntary repossession in the State of California are you still liable to pay off the loan?
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Related Questions

Are the Lender of a repossession allowed to charge a storage fee and a repossession fee in the state of California?

In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.


How long does the state of Florida have to file a voluntary repossession claim against you?

There is no specific time limit for a repossession in Florida. Florida law does not require a creditor to give notice before starting a repossession.


If you live in one state but your bank is in another which state laws apply when dealing with a repossession?

Generally the laws of the state where the contract was signed take precedence. I disagree. If the car is registered in California and titled in California, and located in California, California law applies. The validity of the debt, late fees, and so on ARE determined by where the contract was signed, but California has specific laws on the procedure for repossession.


Is California a non recourse debt state?

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If you're unemployment filing was with California (the "liable state"), then only California pays you. You can contact the California office to inform them of your present situation.


Does the repossession company have to report the repossession to the police after the repossession?

I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.


If you buy a car and it quits while you're on vacation and you call the person to come and repo the car in the state that you are in can you be held liable for paying for the vehicle?

This is called a voluntary repossession. What happens is the car will be auctioned in the condition that it is in and say you payoff is $12,000.00 and the auction for the car brings $9,000.00, there will be a judgment issued in the amount of $3,000.00. This will also stick with you on your credit.


Do the same repossession laws mandated by the State of California apply when you purchase from a private party?

NO see CALIFORNIA CODES BUSINESS AND PROFESSIONS CODE SECTION 7507


Motorcycle repossession and California law?

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Is notification of a car repossession required in the state of California?

Yes, I think it is. We have so many laws concerning things like that.


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The California Business and Professions Code is very clear on this point. The code states the following: With regard to collateral subject to registration under the Vehicle Code, a repossession occurs when the repossessor gains entry to the collateral or when the collateral becomes connected to a tow truck. You can find out more repossession related laws by checking out the website at mparepos.com. They have a FAQ page that answers all related repossession law questions for the State of California.


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Who pays the rest of the finance if your car has been repossesssed?

I most cases the debtor (you) will be held liable for the deficiency after the car is sold at auction, as well as for any repossession fees. This may vary in your state.


A sample letter of vehicle repossession for the state of Texas Where can you find one?

Sample letter of vehicle repossession for the state of texas


What is the statute of limitations on the lienholder trying to collect the balance of the loan after sale on a voluntary repossession of a car?

the same as an invol. Depends on your state laws. If the lender has gotten a judgement, it could be a long while.


What are the names of repossession companies in Washington state?

Five Star Process Service and Repossession


What is the statute of limitation of a repossession in the state of North Carolina?

The statute of limitations for a repossession falls under the category of debt collection. The statute of limitations in the state of North Carolina for a repossession is 4 years.


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Gap insurance will not cover repossession in any state or territory of the US. Repossession is not a valid claim for insurance. In fact, it is possible your insurance could be cancelled as a result of the repossession, making you high risk.


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Is there an Auto Repossession Statute of Limitation in Mississippi?

As far as I know there is no statute of limitation on auto repossession in any state. Check with your state Attorney General to be sure. I will post a link for you to read. Repossession should be your last resort. Hiding a vehicle from repossession is a crime in some states. The consequences of repossession are always bad for you.


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What is considered an illegal repossession?

Repossession laws vary from state to state. States also have different provisions for different types of property. You would need to be more specific about the circumstances, the property and the state where the repossession would take place. Your question should be reformed to ask, "Is a repossession under the following circumstances legal"? Asking what is considered an illegal repossession is much too broad a question.


Do you qualify for unemployment in California if you move here from another state?

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What is the statute of limitation on vehicle repossession in the state of Florida?

As far as I know there is no statute of limitations on repossession in any state. Check with your state Attorney General to be sure. I will post a link for you to read.