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If you cannot afford your vehicle and voluntarily surrender the vehicle what can they do to collect the difference?
Wiki User
∙ 17y ago
According to a friend of mine who is in repossesion: (Short form of discussion) They will file a civil suite for the remainder of the amount for which they are not recompenced thru sale at auction. They will then garnish your wages to collect granted sum.
Wiki User
∙ 17y ago
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Can you voluntarily surrender a vehicle if you are currently residing in another state?
No
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.
In Texas can you still be sued if you voluntarily surrender a damaged car to the lender?
Yes, there is no difference of application of debt owed whether a vehicle is voluntarily surrendered by the borrower or the lender takes steps to recover the vehicle. The borrower is responsible for all costs associated with the vehicle after it has been sold at public auction. If the vehicle has been damaged and cannot be sold under such conditions the borrower will be responsible for the entire balance of the loan plus fees and penalties. The lender has the right to pursue litigation to recover monies owed and if granted a judgment can execute it against property belonging to the debtor.
Do you need to renew the registration if you are planning to voluntarily surrender the vehicle?
I would surrender the car before the registration is due. Once you surrender the car, the car will go to auction and sold for the highest bid. You will then need to either pay the deficit to the finance company or file for bankruptcy protection to elimiate the debt. NOT if you turn it in B4 its due.
If a vehicle was voluntarily surrendered and sold can collection on the difference be stopped with bankruptcy?
With new bankruptcy laws that is no longer possible. If the person files for bankruptcy and includes the vehicle they will have to pay the entire amount of the loan.
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.
What does it mean to voluntarily surrender a vehicle?
It means that you physically drive the car back to the lender possibly after calling and making that arrangement. Sometimes not. But you turn over your keys and leave the vehicle there. If the lender knows you are coming, some paperwork depending on the state should be ready for you to sign.
How do I surrender a vehicle to the bank?
obama did it!!!!!!!!!!!
How do you voluntary turn in your car at the dealership?
Unless the dealership is the one actually financing your car, you don't. You would turn it in to the finance company. You just call them and tell them you wish to voluntarily surrender the vehicle. They'll give you instructions on how to proceed.
How do you get a co-buyer off of a car loan if they are in default?
You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.
What if you are in bankruptcy and voluntarily surrender your vehicle does it still go on your credit as a repo?
Yes, because it is still a reposession, even if you agree to it. It's irrelevant anyway since a BK is far more damaging than anything they might say to your credit.
What will happen if a vehicle is voluntarily turned over to the bank and they sell it for less than is owed?
Your stepson made a decision (maybe not an informed one)and now he has to pay the results of it. Results??? The lender will get a judgment against him for the deficency balance and collect it.They can collect by garnishment of his wages and attachment of his property. Good Luck to him.
