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.
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.
It would look better on your record (For future loans) if you turned in the RV voluntarily.
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
It would be better just to turn it in but it's a lot of work trying to locate it and recover 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.
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.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
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
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
You have no choice.
The lender should let you know, you can contact them and they should tell you.
You certainly can. Its illegal NOT to let you get your PP. There will be a charge for inventory and staorage of iy.
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.
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.
Perhaps the car is worth more than the remaining payments!
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.
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.
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.
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.
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.
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!
They can tell you no. They do not have to let you have anything out of someone else's car.
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
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.
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!