0
Is it a voluntary repossession if the vehicle broke down and was towed back to the dealer one day after it was purchased?
Wiki User
∙ 8y ago
If you 'returned" it as in "I dont want this car anymore and I am NOT gonna give you a chance to repair it", then it was a vol repo. If it was towed in for repair and you never came back to get it from the repair shop, then it was a repo. If you havent paid any payments on the contract you signed, it was a 1st payment DEFAULT and a repo.Unless you got the lender to agree to a clause in the contract that said"if the car breaks down, I DONT have to pay", then it is a repo. Did I miss anything?
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
Can you return a new car to the dealer because you cannot afford it?
No, you cannot just return it to the dealer. The dealer has nothing to do with this unless the dealer is also the lender. You must return it to the entity who loaned you the money to buy the car in the first place. It is their car until you pay for it. This is called a voluntary repossession. You will be required to pay the deficiency. That is the difference in what you owe on the vehicle and what they sell it for at auction or private sale. Your credit will also be ruined for 7 years. You will save repossession fees by turning it in voluntarily.
Can dealer sell vehicle you already purchased?
Not unless you sold it back to them.
Where can one purchase a 2002 Toyota Tundra?
The 2002 Toyota Tundra can be purchased at any local reliable motor vehicle dealer, or a local Toyota vehicle dealer. It can be also purchased via private sellers.
Why do car dealerships offer voluntary repos if you still have to pay?
The "voluntary repossession" allows the purchaser who has defaulted the loan to avoid having to pay a repossession fee of a few to several hundred dollars. That is the ONLY advantage to the purchaser.The dealership has the vehicle back in it's possession and can unload it at an auction without having to pay a repossession fee to a repossession agent (because the purchaser "voluntarily" surrendered the vehicle).Once a car is repossessed, voluntary or not, it is (at least in most states) sent to an auction to be sold and the proceeds applied to the outstanding debt of the borrower.Usually, there are specialized auction houses dealing solely, or nearly solely with repossessed vehicles and the vehicles NEVER (that I'm aware of) bring anywhere close to the amount of the loan.This is true because first, it is (1) a dealer only wholesale auction, (2) the vehicle is a "repo" and (3) the "retail" price previously paid by the purchaser/borrower is an amount greatly inflated over and above the actual "wholesale value" of the vehicle.
Can the bank take your car at the dealer if it is in the process of repossession?
The bank can repossess their (not 'your' vehicle until you possess the pink slip) vehicle at any point where it's accessible to them, including places of business.
What is the SOL on vehicle loan purchased at a buy-here-pay-dealer in Indiana?
10 years
What can be done about being overcharged 1000 for a used vehicle from a dealer in PA This vehicle was having several problems unfixed by dealer by his mechanic.?
You can speak with an attorney regarding possibly suing a used car dealer in PA. If you were overcharged and the vehicle is having issues, you might be out of luck if you purchased it 'as is.'
Can a car dealer sue you without having sent a certified letter stating the amount due for a balance after you have returned the broken down vehicle to the dealer and stopped payments?
It depends on the repossession laws of the state where the car was purchased. In some states the lender is required to send the borrower a notice of "cure and remand" before repossession can occur but not before a lawsuit can be initiated. Generally a lender will send such a letter in the hopes of avoiding litigation which is time consuming and often expensive for everyone involved.
Can you drop off a motorcycle at the dealer if the creditor wont take it back?
If the creditor will not take it back in lieu of the money owed then you need to sale the bike and pay them their money. Unless the dealer is willing to buy the motorcycle you will still owe the money. Not every creditor will do a voluntary repossession.
What is Ohio law for returning a newly purchased vehicle?
The Ohio law does not provide for returning a newly purchased vehicle. The individual dealer may allow you to in order to promote goodwill. They are not required to allow you to return it, however.
Can you return a newly purchased vehicle back to the dealer within twenty four hours in the state of Louisiana?
No, you cannot.
