The Uniform Commercial Code in every state requires only the lender to sell "in a commercially reasonable manner". That's all. There is where the conflict arises on the selling price. A debtor who buys a car for $5000.00 more than it is worth is often heartbroken when s/he still owes $8000.00 after it is sold at auction to a WHOLESALER.
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
No, it is probably not too late. It certainly will help your credit either way. Call them immediately. Do not allow it to be repossessed if at all possible.
No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.
READ your contract. It should deal with that issue. If you meet the conditions set forth by the contract, YES, they can refuse.
Yes, I understand that certain states (Texas, Michigan, California) have state laws that prohibit original creditors from calling you once you have addressed them in the proper manner.
NOT IN CALIFORNIA..YOU CAN FILE HARASSMENT CHARGES AGAINST THEM.
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
creditors have debit balances as advances receive from creditors..........