Yes, it is the same thing.
It usually occurs when someone has become delinquent in payments and the bank has called in the balance of the payments owed. The borrower may return the vehicle to the lending institution and the vehicle will be sold at auction and any money received (less the costs of selling and transporting the vehicle) will be applied to the loan. It would be far better for the borrower to sell the vehicle for as much as he/she can get and apply that to the loan. To do that you will need to make arrangements with the lending institution since most car loans that get to that point are "upside down". At least you won't end up owing the bank quite as much if you sell it yourself. voluntary repossession is a term used, when you the borrower on a loan (usually vehicle) cannot keep up payments for one thing or anopther. You are giveing it back to the back or whomever the lender is. This will still be a negative on your credit report, no matter what folks tell you. Best bet is to sell yourself and give all proceeds of sale to lender and work on further terms to pay off balance (if any). It is when you turn your car into the lender and state that you cannot pay for it. It is no less damaging to your credit than if the repossess it without your consent. Don't do it! Contact the lender and work this out. Your credit rating will be damaged for 7 years. You will also still have to pay the difference in what your car sells for and the balance on the note.
The debt and repossession will become part of the co-signor's credit record. The co-signer of any loan has the same financial obligations and liabilities as the primary borrower. They can be sued and have their wages garnished or bank account frozen. The co-signor has the same responsibilities as the signor. Since the cosigner generally has a better financial situation than the borrower, debt collectors tend to target the cosigner with aggressive debt collection strategies. This can include frequent telephone calls, letters, threats of legal action and damaging the cosigner's credit report as well as the borrower's.
There are no perfect rhymes for the word damaging.
Depends on state law, in Montana absolutely not... if it comes to a forced repo (bank has contacted you and asked you to turn over and you have not), your car will be "legally stolen" by the bank. You will not have any rights to anything left in the car at the time of repossession. If your bank has contacted you, they have done their "good faith" duty in trying to recover their asset without damaging you (ie, please turn the car in ASAP).
2011 Code of VirginiaTitle 6.2 FINANCIAL INSTITUTIONS AND SERVICES.Chapter 22 Motor Vehicle Title Loans (6.2-2200 thru 6.2-2227)6.2-2217 Limited recourse; repossession and sale of motor vehicle.VA Code § 6.2-2217 (2001 through Reg Session)6.2-2217. Limited recourse; repossession and sale of motor vehicle.A. Except as otherwise provided in subsection E, a licensee taking a security interest in a motor vehicle pursuant to this chapter shall be limited, upon default by the borrower, to seeking repossession of, preparing for sale, and selling the motor vehicle in accordance with Title 8.9A. Unless (i) the licensee, at least 10 days prior to repossessing the motor vehicle securing a title loan, has sent to the borrower, by first class mail, written notice advising the borrower that his title loan is in default and stating that the motor vehicle may be repossessed unless the principal and interest owed under the loan agreement are paid and (ii) the borrower does not pay such principal and interest prior to the date the motor vehicle is repossessed by or at the direction of the licensee, then the licensee shall not collect or charge the costs of repossessing and selling the motor vehicle described in clause (ii) of subsection D of 6.2-2216. A licensee shall not repossess a motor vehicle securing a title loan prior to the date specified in the notice. Except as otherwise provided in subsection E, a licensee shall not seek or obtain a personal money judgment against a borrower for any amount owedunder a loan agreement or any deficiency resulting after the sale of a motor vehicle.B. At least 15 days prior to the sale of a motor vehicle, a licensee shall (i) notify the borrower of the date and time after which the motor vehicle is subject to sale and (ii) provide the borrower with a written accounting of the principal amount due to the licensee, interest accrued through the date the licensee took possession of the motor vehicle, and any reasonable expenses incurred to date by the licensee in taking possession of, preparing for sale, and selling the motor vehicle. At any time prior to such sale, the licensee shall permit the borrower to redeem the motor vehicle by tendering cash or other good funds instrument for the principal amount due to the licensee, interest accrued through the date the licensee took possession, and any reasonable expenses incurred by the licensee in taking possession of, preparing for sale, and selling the motor vehicle.C. Within 30 days of the licensee's receipt of funds from the sale of a motor vehicle, the borrower is entitled to receive all proceeds from such sale of the motor vehicle in excess of the principal amount due to the licensee, interest accrued through the date the licensee took possession, and the reasonable expenses incurred by the licensee in taking possession of, preparing for sale, and selling the motor vehicle.D. Except in the case of fraud or a voluntary surrender of the motor vehicle, a licensee shall not take possession of a motor vehicle until such time as a borrower is in default under the loan agreement. Except as otherwise provided in this chapter, the repossession and sale of a motor vehicle shall be subject to the provisions of Title 8.9A.E. Notwithstanding any provision to the contrary, upon default by a borrower, a licensee may seek a personal money judgment against the borrower for any amounts owedunder a loan agreement if the borrower impairs the licensee's security interest by (i) intentionally damaging or destroying the motor vehicle, (ii) intentionally concealing the motor vehicle, (iii) giving the licensee a lien in a motor vehicle that is already encumbered by an undisclosed prior lien, or (iv) subsequently giving a security interest in, or selling, a motor vehicle that secures a title loan to a third party, without the licensee's written consent.(2010, c. 477, 6.1-497.)
i drive a car, so emissions are damaging the environment
we are damaging the river because of factories and water pollution.
It is a disposition option sometimes available to the mortgagor (borrower) to voluntarily deed the property to the mortgagee (lender) thereby avoiding foreclosure action.When a mortgage is delinquent and loss of the home is inevitable, a borrower may negotiate with the bank to return the home. They hand over the "deed" instead of the bank paying a trustee or attorney to initate foreclosure proceedings. This is slightly less damaging to the borrowers credit and saves the bank money and time.
ill tell u the most damaging is YOUR MOM
Does anyone know the answer to these whats damaging planet earth and how
we are damaging the earth by pollution and oil spills and chemicals that is let into the air
CFC's are damaging the ozone layer. They react with it to deplete the layer.
Chlorine and Fluorine are damaging factors of CFC's. They react with it and deplete it.
No the roots cannot be trimmed without damaging the tree.
People are damaging the ozone layer. It is because of the usage of CFC's.
Any data confirm damaging of the environment by hydrogen peroxide.
Gamma radiation is most damaging to humans.
The most damaging part of a hurricane is the storm surge. The most damaging area of a hurricane is the eyewall, where the strongest winds and highest storm surge occur.
The hydrosphere is the layer of water on the earth's surface. So we are damaging it by water pollution.
The damaging amounts of UV are submitted from sun. These are prevented by the ozone layer.
The F5 (or EF5 as of February 2007) tornado is the most damaging category.
you are damaging the environment by burning coal because it realeses gases into the atmosphere.
The greenhouse gases are damaging the ozone layer. They can cause ozone depletion.
Burned fossil fuels release damaging gas. Fossil fuels can create solid waste, damaging the soil. Fossil fuels can leak in transport, damaging the water.
s waves are slower and more damaging
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