0
If you voluntary give back your vehicle repo and they resale it any way they want do you still owe the whole bal or the difference?
Wiki User
∙ 16y ago
You will generally owe the difference between the outstanding balance on the loan and what they were able to sell the car for.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
If a person does not want a vehicle anymore and gives it back to the lienholder is it considered to be repossessed?
Yes, voluntary repossession. Your credit will still suffer and the leinholder needs to sell the vehicle to get their money back. If they are unable to cover the loan fully, you are responsible for the difference.
Can you return a financed vehicle?
Yes. This is called a "voluntary repossession". You're still responsible for the entire amount of the loan, so if the car is worth less than the remaining loan amount, then you'll have to make up the difference. Also, it's still a repossession, even though it was voluntary, and will appear on your credit. If you're not late on the payments yet you may do better to sell the vehicle yourself and use the proceeds to pay off the loan, as this won't ding your credit.
What happens after a voluntary repo and the vehicle has been sold at auction and money is still owed in TX?
They will try and get the balance from you either through the courts or thru negotiations with you.
How many points do you lose from your credit score from a voluntary vehicle repossesion?
The same as an involuntary; do not let anyone tell you different. AND they can still come after you for the balance and fees.
What happens when your loan is not paid off and you still have the car?
You can still have it ,but you will be paying heavily for it and have no resale value for it.
What happens when your return a car to finance company?
It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.
If you had a repo in the past can you still buy another car?
Yes, this is not only possible, but if you were responsible and surrender the vehicle for repossession it can be quite easy. I have had both a voluntary repossession as the result of a BK, and a voluntary lease surrender for the same BK. Since that time, long, log ago, I have had many vehicles, and many vehicle loans. At first I of course paid higher interest. But even that reduces with time and a good history.
What happens to my credit if I voluntarily give my car back to the bank?
Even if surrendering a vehicle is voluntary, you will still be responsible for the amount owed on the loan after the sale of the vehicle. Most lenders report to the credit bureaus and any unpaid balance will be reported, as will payments made or missed on this balance.
Can a creditor repossess a vehicle and sue you for the deficiency then resale the vehicle?
in most cases they will sell the vehicle at dealer auction, then bill you for the rest. example: you owed $13,000 at time of repossion. and the bank got $5000 for the car at auction, you would legally still owe the bank $8,000 . at this point you may be able to work out a payment plan with the lender, but failure to pay will result in a lawsuit.
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
Do you still have to pay on a loan after your car is repossessed?
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
