Auto Loans and Financing

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


Top Answer
User Avatar
Wiki User
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.


Related Questions

User Avatar

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.

User Avatar

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.

User Avatar

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

User Avatar

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.

Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.