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Voluntary RepossessionOnce this vehicle has been auctioned off, the remaining balance that is left on this loan will be your responsibility to pay off. You can contact this collection agency once you receive a new statement of this balance. Usually the two options that you have is either make monthly payments or you can negotiate a settlement. Your best bet is to save anywhere from 30-50% of the remaining balance, and settle. Get everything in writing before making a final payment.
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Q: In regards to the question if you volunteer a reposession do you have to pay off your car loan what happens if you can't pay that balance?
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