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YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.

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βˆ™ 2008-03-21 17:12:16
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Q: If your loan is current and you turn the vehicle back in to the lender can it still be reported as a repo?
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If you have the title to your vehicle can the bank still repossess it?

If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes

The subprime lender wrote off late fees after loan was paid the vehicle in still in our possession are we still able get the lien removed?

You will need to get a written lien release from the lender.

Can you lease your vehicle to someone if you still owe for it?

Provided it is not prohibited in the loan contract, probably. Keep in mind that the lender still holds lien on the vehicle and you are still obligated to pay the note. Should payment cease, the vehicle is still in all likelihood available for repossession, and the fact that another person holds it will not stop recovery, nor will it end your responsibility to the lender.

If you are going through a divorce and still owe on a financed vehicle will the lender still hold your ex equally responsible even if the court gives you the car?

If the ex's name is on the loan, then yes, the lender can, and in all likelihood will, still hold the ex responsible. You'd need to refinance the vehicle in your name alone.

Can you buy a car that is repo from a friend?

Provided the lender still holds the lien on the vehicle, it will still be repossessed and you will find you have a problem with a former friend.

What recourse does lender have after a repossed vehicle is sold and there is still not enough money to satisfy loan?

did you mean resource? The lender has authorization called lean to hold your property after a loan debt.

What happens after a vehicle is repossessed?

The lender sells the vehicle, sometimes at auction. They attempt to get whatever they can for it. Often the price the lender gets is less than the outstanding loan. If the lender gets less for the vehicle than the amount that is owed, the lender will seek the balance (the difference between what was owed and what they sold it for) from the borrower. So, lets say you bought a car for $1000. You quit making payments. You still owed $800 when the vehicle was repo'd. The lender sells the vehicle at auction and gets $500 for it. The lender will come after you for the remaining $300. That's pretty much how it works. Bottom line: make your payments. This is where aflac comes in handy.

Can a vehicle still be repossessed if written off?

Yes most likely. If the lender is still on the title, if not then they cannot, without some sort of court order.

If your car is repossessed and you are able to get it back by bringing your account to date is it still reported as a repo?

That would be at the discretion of the lender(s). If an agreement is made and all terms are lived up to, the lender probably will not report the default to CRA's.

How do i sell a wrecked car i still owe money on?

You cannot sell a car you have a loan on if the lender has a lien on the vehicle. You will need permission from the lien holder to sell the car. If the lender has no lien on the vehicle then you can sell it if you wish. The title will list any lien holder.

How do you get a repossessed vehicle back if the lender does not want to give it to you?

First of all you call the repo company. After that keep trying to call the bank. As long as they don't sell the car you can still get it back by paying the reinstatement amount. * A repossession agent/agency is contracted by the lender, they have no authority to release a vehicle unless the lender orders them to. The lender has no legal obligation to reaffirm the vehicle loan or make any other financial arrangements for the person to recover the vehicle unless state laws allow a time limit for redemption or other applicable remedies.

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.

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