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.
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.
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.
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.
It depends on the state you are moving from and the reason for the relocation. Check with the "liable state's" office for particulars
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.
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
bought a motor cycle in the state of california, now live in washington. I was 20 at the time. Cannot make the payment what happens?
NO see CALIFORNIA CODES BUSINESS AND PROFESSIONS CODE SECTION 7507
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.
Yes, I think it is. We have so many laws concerning things like that.
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.
Each state has its own criteria for quitting your job (including the present question). Check with the "liable state" (the one you work in) for their allowances for voluntary quits.