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In my experience, a lease and a loan repossession are the same - I had a voluntary repo where I brought the car back to them with keys, and just got a car with loan repossessed and they do the same process with both, and yes, you are responsible for paying any unpaid amounts. In my situation they were both sold at auction and I was responsible for the outstanding balances to pay off. I didn't see any difference in leasing or with loan to own.

i am leasing a vehicle and today is the last day of my contract and i am over the mileage and the dealership charges 15 cents a mile after calculating it ends up being more than what the car is worth what should i do if i cant refinance it

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โˆ™ 2015-07-17 17:41:16
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Q: Is repossession of a leased vehicle the same as one you get a loan for?
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Related Questions

Can a credit report show settlement then repossession on the same vehicle?

A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.

Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?

Yes, it is the same thing.

What are the vehicle repossession laws in Arkansas?

Vehicle repossession laws in Arkansas is the same there as it is in every other state. One must pay his loans or risk facing legal action from the one that one has borrowed from.

Does a personal water craft repossession work the same as a vehicle repossession?

Yes, until the note is completely paid it still belongs to someone else and can be repossessed. If the transport trailer maybe also if it's on the same note.

What are factor approving vehicle loan?

Good credit report, employed at the same place for a long period of time are few factors that help in approval of vehicle loan.

Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.

What do you do when your vehicle has been repossessed during an insurance claim in Texas?

Same as any other repossession, CALL the LENDER. Work something out.

Is it the same thing as repossession if you call the loan company to pick up the vehicle since you can no longer pay for it?

It will show as a VOLUNTARY repo but still a repo. It will indicate to other lenders that you know when you are over extender and that you DO NOT attempt to use their collateral without paying for it. It IS a good idea to do so.

As the co signer for a leased vehicle am i responible for damage to the vehicle when the lease agreement is up?

Unfortunately; yes you ARE responsible the exact same as if you were the PRIMARY person on the lease. Well sorry. k love yayahs

You have 2 cars financed with same company you are giving 1 back can the finance company repo the other as long as you pay for it?

No, as long as you make the payments and do not default on the loan agreement on that vehicle they cannot take it. You will however be required to pay the deficiency on the loan of the car you are voluntary turning in. They will sell the car and you will pay the difference in what it sells for and the balance on the loan plus any fees associated with the repossession. Your credit will also be ruined for 7 years.

Is a lease repossession the same as a purchase repossession?

About the same. Don't make your payments and they will come get it. Then you still owe the difference as stated on the contract.

What do you do if your car got repossessed when it wasnt supposed to?

If it truly was a wrongful repossession, call local law enforcement and report the vehicle stolen. If they notify you that it was repossessed, inform them that it was a wrongful repossession. Next, contact the lender and demand politlely that they notify the repossession agency that the vehicle was wrongfully repossessed. You might even, still politely, suggest some sort of compensation for you inconvience. Also ask for the contact number of the repossession agency. Call them and notify them also of the wrongful repossession. Suggest also to them some sort of compensation for your incovenience. Vehicles that are wrongfully repoed must be returned as soon as possible and in the same condition as when taken. If there is damage, the lender and the repossession agency are liable. If you are not satisfied with how quickly your vehicle is being returned, push the auto theft charges.

Can a paid off car be seized for debt?

In some cases yes. If the vehicle was purchased using the same lender against whom you have defaulted with a different loan, and there is a remaining balance after the repossession of that property, then the court can order a Conversion of Collateral, and the paid off vehicle can be repossessed by that lender. Additionally, if the court chooses, real property can be ordered liquidated to pay a bad debt.

How will voluntary repossession of a vehicle affect a persons credit score?

Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...

What happens when your purchase a car and the auto loan does not go through after you have the car of 3 weeks?

Same thing happen to me. You have to retun the vehicle or find a loan from another company.

How long does it take for a car to be repossessed after the request was made to repossess it?

The time frame depends upon the lender. Regardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same. The borrower will be responsible for any deficiency between the amount that the repossessed vehicle is sold for at public auction and the remaining balance on the loan agreement including added fees and penalties. The respossession will also remain on the borrower's credit report for the required 7 years. Be advised, a lender has no legal obligation to recover the vehicle but can instead file a lawsuit against the borrower for the entire amount of the loan plus legal and other associated costs.

Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?

Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.

What is the statute of limitations on the lienholder trying to collect the balance of the loan after sale on a voluntary repossession of a car?

the same as an invol. Depends on your state laws. If the lender has gotten a judgement, it could be a long while.

How do you repossess a vehicle in Texas if you are an individual lienholder?

The same way a loan company does, HIRE a REAL repo agency to do the job.

When arranging payments on a vehicle that you surrendered who sets the amount on what you pay monthly?

The same one who set the payments when you got the loan, the LENDER.

What can you do if you didn't take out a title loan your identity was stolen and somebody took out a loan on your car and it was repossessed?

Not denying your claim, but that would be difficult, nearly impossible to do successfully. Why: to take out a title lone, you need the title. To get a title you do not have, you need at least two forms of ID (not impossible to obtain) and the vehicle registration (again, not impossible, but more difficult). Then you will need to apply for a replacement title, pay the fee (as low as $25 to as high as $100). And then take the title, the registration, and that ID you got to the title loan office and apply for the loan.Now I've said all this so I can say this: the average amount of a title loan is about $500. The maximum I've heard of is $1,000 to $4,000, with the majority topping out at $1,000.My point is, it is not likely that anyone is going to pay a couple hundred dollars to make back only about the same amount.What is more likely to have happened if you took out no title loan is that your vehicle was mistakenly or wrongfully repossessed. It happens.Contact the repossession company and notify them that your vehicle was wrongfully repossessed. Let them know you are in contact with the creditor. Then call the creditor and inform them of the wrongful repossession, and request a full reconciliation (full accounting) of the debt. Let them know that you are following up your request in writing to make it official, and to give them some lead time to prevent the wrongful sale of your vehicle. Then follow up the call by writing the title company a letter requesting a reconciliation of the debt and the return of your vehicle. Send this letter, registered restricted delivery so that you receive a signature card showing it was received. If for any reason either or both the repossession and title companies fail to cooperates with you, report the vehicle stolen and give the police all of the information you have on who took it, when, and where it is.

How long does a repossession remain on a credit report?

7 years if there is no "new action" on the particular account. "New action" means if you were to start paying on it or if the financier were to get a Court judgment on the loan. By the way.......A voluntary repossession (turning in the car before it go to collections) is the SAME as a regular repo. It will be listed on your credit in the same manner unless tou have negotiated a new termination clause wiyh the lender.

What happens when the co-signer on a vehicle loan is unable to pay off the car loan after the vehicle has been repossessed from the primary owner?

the same things that happen to the primary signor. Judgements, garnishments, leins, ect. You are learning to hrad way about co-signing. Good Luck

Do you have to return a leased car to the same state and same dealer?

That would depend on what it says in your lease agreement.

Do I have to pay for a car loan if the car isn't mine?

Auto loans are used for purchasing a vehicle of any kind. The loan is taken out by the person who purchases the car, and therefore the official payment is made by the same person.