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Auto Loans and Financing
Repossession
Loans

Is there any advantage to voluntary repossession as opposed to not making payments and letting the finance company come get the car?

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2004-09-16 16:01:04
2004-09-16 16:01:04

MONEY, any additional money the lender spends to get the car back will be charged to the acct. Any late fees,att. fees, ect. will be the same. IF you can find a buyer yourself, you will save TONS of money. You can sell it for much more than it will bring at auction.

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Don't understand what you mean by the phrase, "...voluntary have it returned..." However, as long as the primary indebted party is current in their payments there would be no reason for the loan company to contact you for payments.

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You being arrested has no bearing on your loan. As long as you make the payments on time there will be no repossession. The loan company does not care if you are in jail as long as they get their money.

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If it drives, take it to the finance company and hand them the keys.

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Your question is too vague. If you are asking what defense do you have against a repo company if your payments are behind and they came and picked up your car without breaking the law, then nothing. If your payments are current and there is no legitimate repossession order, then they stole the car. There are too many variables to answer this question accurately.


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