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If you voluntarily relinquish your vehicle will the lender allow you to repay any deficiency after the sale of the vehicle at 100 dollars a month?
Wiki User
∙ 17y ago
It's not possible to give a definite answer as it would be the lender's decision alone. However, most lenders are willing to work with the debtor if it is at all possible rather than pursue litigation or perhaps force the debtor into bankruptcy.
Wiki User
∙ 17y ago
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If you voluntarily relinquish your vehicle can you be held responsible for more than the value of the car?
Yes. The lender is legally required to sell the vehicle at public auction for as close to the fair market value as is possible. The proceeds of the sale of the vehicle is applied to the loan balance and the borrower is responsible for any deficiency and possibly additional fees.
What might happen if you voluntarily relinquish your car to the lender and cannot afford to pay the difference in the loan balance after the vehicle is sold?
The lender would have the option of filing suit to recover monies that are still owed.
Can you voluntarily surrender a vehicle if you are currently residing in another state?
No
How do you voluntarily return a vehicle to the dealership?
You must leave it ON the dealers property somehow.
If you can't pay for your vehicle can you voluntarily turn in your vehicle?
Im pretty sure even if you did voluntarily hand it back you'd still have to pay the remaining balance. They won't just tanke back a car and call it good.
With a cross collateralized debt when the vehicle was surrendered can the creditor demand payment for deficiency?
In the state of Texas, yes the creditor can follow for the deficiency balance.
Can an owner voluntarily let someone put a lien on a vehicle?
Yes, but why would anyone want to do this?
Can a lien be placed on a home if the owner owes a loan deficiency amount when a vehicle is repossessed?
Yes.
Is the owner responsible for any paperwork when voluntarily returning a repossessed vehicle to a dealer?
What state are you in??? Laws VARY by state.
Do I have to surrender my home to bankruptcy?
Yes. The debtor can take either action voluntarily, but that will not relieve the debtor of the original contract agreements. In the case of a vehicle the borrower/debtor would still be responsible for any deficiency between the price the vehicle was sold for and the loan amount. A voluntary foreclosed or the submission of the deed in lieu of foreclosure is a complicated matter and the extent of the debtor's financial responsibility would be stated in the terms of the loan agreement.
Why cant you get your aftermarket radio out of your car at the tow truck company yard if your car is totaled?
Once you sign that paperwork, you agree to relinquish the vehicle to the insurance company as is.
When you cosign can you send the car back and pay the depreciation value so it won't reflect badly on your credit?
No. When a vehicle is repossessed either voluntarily or by the lender, it must be sold at public auction for the fair market value or as close to that amount as possible. Any deficiency between the sale price and the loan balance will be the responsibility of the primary borrower and/or cosigner.
