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Should you do a voluntary repo if you are not in arrears?

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βˆ™ 2014-02-04 21:46:59

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Hal, you BEST option is to sell one of the cars. But you're upside down, right? Get the best price you can for it and borrow enough to pay the loan off. Do it NOW before you get in a real bind. yes, you will be paying for a car you DONT have but you will also be KEEPING your good credit.And doing it with a smaller note without creditors calling you, ect. The lender is going to want the balance due on the loan after you VOLUNTARY repo and they sell it. Not pretty is it? It is BEAUTIFUL compared to what you will get after a repo. Face this head on and win. Put your head in the sand and lose. Good Luck

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In Georgia should you do a voluntary repossession or just repossession?

The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.


Does voluntary repossession hurt your credit?

YES, on a CR, a repo is a repo.


If you do a voluntary repo and get another dealerships car will that hurt your credit as bad as not making any payments for a repossession?

A repo is a repo is a repo.


What are the release dates for Operation Repo - 2007 Voluntary Surrender?

Operation Repo - 2007 Voluntary Surrender was released on: USA: 2012


How badly does a voluntary reposession hurt a co-signer's credit?

A repo is a repo is a repo, credit wise.


If you have a voluntary car repo while you are in chapter 13 how does it appear on your credit report?

as a repo


How long does a voluntary repossession stay on your credit report?

For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.


What are the ratings and certificates for Operation Repo - 2007 Involuntary Voluntary 7-8?

Operation Repo - 2007 Involuntary Voluntary 7-8 is rated/received certificates of: USA:TV-14


What happens to your credit with a voluntary repossession?

A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.


Is it better to do a voluntary repossession?

It will save you some money BUT you will still have a repo on your CR.


How badly does voluntary repossession hurt your credit score?

About the same as any repo. The impact is that you couldn't complete the agreement for whatever reason. Same as a repo. A repo is a repo is a repo. That is correct, there is no difference in voluntary and involuntary. Stays on your credit report for 7 years. Don't let it happen to you. It is not that bad ....in fact you can probably get another car just at a higherinterest rate... besides someone has to keep wonk and clay in business.


How hard would it be for a person to get a car back after a repossession?

1st repo?? Pay the arrears and repo fees, have ins. coverage 2nd repo??? Most likely have to payoff the loan unless the lender is in a really good mood. Read your contract


What if you voluntary repossession of your car due to excessive car repairs?

You are combining two unrelated items.The bank doesn't care if your car is running or the problems with it they want their money.A voluntary repo is the same as a non voluntary repo you will still owe the balance of the loan after the car is sold and the amount deducted from your outstanding loan.


If you bought a car in Virginia and can no longer afford it can you do a voluntary repo and not have your wages garnished?

A repo is a repo, voluntary or not. Do not do a voluntary repo or any other repo. Terrible idea!!! Call the lender and work something out. See if you can find someone to take over the payments or possible sell the car to another part and pay off the loan. If you are upside down on the loan, then sell the car and borrow the balance to pay it off. Having your car reposed is a very bad idea. Your credit will be ruined for 7 years. You will also have the pay the difference in what the lender sells your car for and the balance on the note, plus repo fees. Do whatever it takes to prevent this from happening. I can assure you the lender does not want to repo your car. Call them!!!!


How long does a voluntary repo stay on your credit and does it look bad to other car dealers?

7 years just like a regular repo. Looks the same too.


What is an involuntary repossession?

Voluntary repo is you call the loan holder and tell them to come get it or you take it to them. Involuntary they have to come & get it.


What is the difference between voluntary repossession and regular repossession and the pros and cons with it?

Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.


If you did a voluntary repo on your truck do you still have to pay any money that they will not make reselling it?

Yes, you're responsible for the balance.


What to say when you want to do a car repossession?

If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does


If the obligor is making child support payments do they still owe arrears?

The arrears should be addressed in a court order so that an additional amount is added to the regular payments. If arrears have been established by the court then review the court order for the payment schedule.The arrears should be addressed in a court order so that an additional amount is added to the regular payments. If arrears have been established by the court then review the court order for the payment schedule.The arrears should be addressed in a court order so that an additional amount is added to the regular payments. If arrears have been established by the court then review the court order for the payment schedule.The arrears should be addressed in a court order so that an additional amount is added to the regular payments. If arrears have been established by the court then review the court order for the payment schedule.


Can your lender place liens or judgments on your credit for the balance owed if you do a voluntary repo?

IF they follow the laws of your state, YES. A repo is a repo is a repo. they may also be able(and more likely if you have a job)to garnish your wages. NEGOTIATE with them, they would much rather have money than the car. TRY to sell the car. Good Luck


What happens to the state registration if you voluntary repo a vehicle?

The license plates are yours to keep and transfer to another vehicle if you wish.


Is it considered a repo when you turn the auto in yourself and have not missed a payment no bank involved made payments to the company the van had problems and your credit report shows it as a repo?


What can you do if the father is behind on child support and wants to have it modified because child now resides with him?

You should return to court immediately and have the arrears documented. Court ordered arrears do not go away. Even if the child lives with the father he still owes any arrears that accrued while you had custody. He has the right to have the present child support modified but you have the right to collect the arrears. You should also have a visitation schedule. Be aware that the court may issue a child support order against you since the child is now living with the father.You should return to court immediately and have the arrears documented. Court ordered arrears do not go away. Even if the child lives with the father he still owes any arrears that accrued while you had custody. He has the right to have the present child support modified but you have the right to collect the arrears. You should also have a visitation schedule. Be aware that the court may issue a child support order against you since the child is now living with the father.You should return to court immediately and have the arrears documented. Court ordered arrears do not go away. Even if the child lives with the father he still owes any arrears that accrued while you had custody. He has the right to have the present child support modified but you have the right to collect the arrears. You should also have a visitation schedule. Be aware that the court may issue a child support order against you since the child is now living with the father.You should return to court immediately and have the arrears documented. Court ordered arrears do not go away. Even if the child lives with the father he still owes any arrears that accrued while you had custody. He has the right to have the present child support modified but you have the right to collect the arrears. You should also have a visitation schedule. Be aware that the court may issue a child support order against you since the child is now living with the father.


Can you do a voluntary repo on a lease vehicle?

yes, contact your leinholder and tell them that you will no longer be making any payment and where they would like for you to leave the car