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First, talk to the lender and find out where they would want the car brought to, Second, before you take it there, make sure the paper work is there and ready for you to sign, third, make sure you clean out the car before you get there and fourth, make sure someone is still in the car when you go in just in case the paperwork isn't ready. If there is not paper work for you to show that you are signing it over, don't leave the car. Please remember--no matter what--this will show up as a repo- voluntary or not on your credit reports, AND your co-signers if you have one. It would be better to try to make arrangements to keep the car unless it was a lemon to begin with. Either way you are going to pay--credit wise and pobably deficit-wise. Meaning that if the car is auctioned or sold off and a balance is remaining, you will have to pay that balance--that is why it may be better to keep the car. Good Luck! Yes. Most of the time if you don't "hide" you car or give it up when the repo-man arrives, you may be able to redeem your car. yes. you can avoid embarrassment by taking it to the dealer nearest you; of course, the same make dealer.rather than allowing some tow truck to get it. Dont ever just drop your vehicle off at a dealer. Some major lienholders will tell you to take it to a dealership to V/S it. Be ware, that works as a V/S (vol./surrender) only if you sign a vol./release/agreement form. No signature, results in an abandonment by you. Costing you the cost $$$ of court paperwork to release your part of the ownership. Now this is in Louisiana. Don't quote me elsewhere. Lienholders can pick up collateral abandoned with proof, and the dealership don't want to be responseable for your vehicle. Faster then a speeding bullet, they call the lienholder to explain the abandonment of collateral. Oh by the way, dealerships are not always the lienholders. Dealerships are "Farmers" selling apples and Oranges (maybe some lemons). They got their money in the start from the lienholder.

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โˆ™ 2006-12-22 14:41:19
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Q: Is it better to let your car be repossessed voluntarily?
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Related Questions

How do you voluntarily let your car be repossessed?

You need to give the car to the lender - if they are too far away then you need to call them and tell them where it is and ask them how they want to get it.

If you cannot pay loan on RV should you voluntarily turn the RV in to the lien holderor let the RV be repossessed?

It would look better on your record (For future loans) if you turned in the RV voluntarily.

If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?

Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost

Is it better to turn your car in or let it be repossessed?

It would be better just to turn it in but it's a lot of work trying to locate it and recover it.

Can you let a car be repossessed with scratches on it?

A car can still be repossessed if it has scratches or some slight damage. The current value of the car is normally used when netting off the debts.

Should you let your car get repossessed or file bankruptcy or what if you wrecked your car with no insurance and you are 3 months behind on payments?

The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.

What happens to your credit when your car is repossessed?

You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.

If someone has to have a car voluntarily repossessed would the car payment be the same or can it be reduced?

That needs to be discussed with the LENDER before you let it get repoed. Better yet, discuss while you are current on the payments. If you're in a temp shortage, they might work with you on getting around it. If its NOT temp, they will likely want all the money due at one time. TALK to the LENDER about it. Good Luck

You have one day before your car is repossessed is there any payment options?

Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no

If your car has been repossessed and you cannot pay what you owe should you let them sell it?

You have no choice.

How can you find out if your repossessed car was sold?

The lender should let you know, you can contact them and they should tell you.

Can you get items out of the car after it has been repossessed?

You certainly can. Its illegal NOT to let you get your PP. There will be a charge for inventory and staorage of iy.

Can my car be repossessed from my yard if the gate is locked in the state of Alabama.?

If you have a locked gate, they will find you vehicle and reposses it (even if you are in a public parking lot). My suggestion to you is voluntarily submit your vehicle to the lender. Call them first to make this arrangement. If it's too late, then let them take it.

What if your car is being repossessed?

They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.

If a car was repossessed and you called and said you would pay all late payments why wouldn't they let you have the car back?

Perhaps the car is worth more than the remaining payments!

Can a repossessed car be voluntarily returned to a dealer in a state other than where it was purchased?

YES you can. Just notify the lender where you dropped it off. No need to let it sit at a dealership for 2-3 months doing nothing waiting for the lender to locate it. That will save you a lot of phone calls from the lender also.

Will your car insurance company let you have a rental car if your car was repossessed?

Very unlikely. Car insurance is primarily covering damage or loss of vehicle due to theft. Similar to if your car is being repaired a rental car will not be provided.

If you are the primary cosigner on a car and your son is the secondary cosigner can he legally have the car voluntarily repossessed without your consent?

well, if you want the loan AND the car, go get it. Tell the bank that you will keep the car.The bank really doesnt want the car, they want money.Otherwise, the bank will let him give it up if he cant pay. THE co-signor is the one with GOOD credit. If the signor didnt need help getting the loan, there would be no "co" signor.

Is it better to let a car be repossessed or negotiate a buyout with a creditor?

It depends on your financial status, and whether there are other financial factors such as bankruptcy. The repossession is a much more serious blow to your credit standing than arranging a buyout.

If you were going to sell a car that was repossessed is it better to get it back and sell or let it go?

It will be far better for your credit if you pay it off and sell it. When THEY sell it they are more than happy to sell it at auction for a loss then turn to you to make up the difference. It can mess up your credit for a long time.

How long after you dont pay your car payment is a car repossessed?

Depends on the contract you signed with the lender. Read your contract. The lender does not want to repossess your car. Contact the lender immediately and work this out. The worse thing you can do is not do anything. Let your car be repossessed and you will ruin your credit for 7 years and pay the difference in what the lender sells the car for an the balance on the note. Bad idea. Work it out!Depends on the contract you signed with the lender. Read your contract. The lender does not want to repossess your car. Contact the lender immediately and work this out. The worse thing you can do is not do anything. Let your car be repossessed and you will ruin your credit for 7 years and pay the difference in what the lender sells the car for an the balance on the note. Bad idea. Work it out!

You stayed the night at a friends house and left tools in his car and it was repossessed They said it was 150 to get your property You didnt get a loan can they charge you to get your property?

They can tell you no. They do not have to let you have anything out of someone else's car.

If your daughter's car is in your name and she is not paying can you let it get repossessed without ruining you and your spouse's credit rating?

No. You are the primary borrower, and it will be entered as a repo. on your credit report.

If your car was repossessed 3 months ago what do you do with the registration renewal from the CA DMV?

Throw it away. If you want to let them know you no longer own the car, send back a letter to the address or call them.

How many payments must be missed before they repossess?

Actually one, I have repossessed cars for BMW where there customer was three days late. it all depends on the states laws I have a website that may help you avoid having your car repossessed. www.stoptheREPOman DONT LET TTHE BANK TAKE YOUR CAR BACK!