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Returning the car to the lender will not relieve the borrower of the legal responsibility to pay the debt. The balance of the loan and any additional fees is still owed on the vehicle and is valid and collectible.

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โˆ™ 2006-11-12 22:07:42
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Q: Should you return a used car that has been totaled to the lender if you still owe two payments on the loan?
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Related questions

What should you do if your car note is behind 3 months?

Make up the payments ... like right now. If one is unable to do so, then they need to contact the lender (should have done this 2 months ago) and explain the circumstances of why they are breaching a written contract (punishable by law). Sometimes things can be worked out - you may have to return the car to the lender, as they ARE the owner of that vehicle, not you!


Is it illegal to drive your car if your lender wants to repossess it?

It is not YOUR car if you have not fully paid for the car or, have not been making payments. You need to either catch up on the payments or return the vehicle soon. Driving it is not so much illegal as it is borrowing trouble. A repossession will save you from paying the total price of the car should it be ruined in an accident.


How you do get your car back after being repossessed?

You need to contact your lender to see if they will work with you on getting caught up on your back payments. Some state laws allow the lender to require you to pay the vehicle off in full and some state laws require the lender to return the vehicle to you if you can catch up on the amount you are behind. You need to check your state law and contact your lender.


Return a finance car to the lender?

My car was crashed and I lost my job. How do I return the finance car to the lender?


Can you get a tax return for daycare payments Not head of household?

Can you get a tax return for daycare payments Not head of househols


After you pay off a vehicle when it was repossessed can a lender refuse to return it unless you pay off other unpaid debts that you have with the same lender?

I think that you need to pay what you owe. You should call them and see what their policy is. I wish you luck:)


After a vehicle is repossessed and you pay it off in full when does the lender have to return the vehicle to you is it as soon as its paid off or can they take a few days to return it?

If the vehicle is paid it is yours you should not have to wait any amount of time.


If I'm losing my business how should I go about ridding myself of the used van I bought just 3 months ago?

Think about your options. You could try to sell your vehicle, while making your monthly payments until it's sold. If you have recent delinquencies due to your financial situation, then your final option is to call your auto lender or dealership and arrange a return of the vehicle.


If the lender says they will re-assign your account if you pay back payments and fees can they take your money and not return the truck in Texas?

NOT if you dont give it to them. The usual procedure on the 1st repo is pay all the back notes,fees,ect. and get the car/truck back.


How long do you legally have to redeem your car after its been repossessed in Georgia?

Before your car payment is due, call the lender and ask for extra time. If you're at least a few months into the loan and haven't missed any payments, the lender will probably let you miss one or two months' payments and tack them on at the end. If you don't pay or make arrangements with the lender, the lender can repossess without warning, although many will warn you to give you a chance to pay what's due. If your car is repossessed, you can get it back by paying the entire loan balance and the cost of repossession, or, in some cases, by paying the cost of the repossession and the missed payments, and then continuing to make payments under your contract. If you don't get the car back, the lender will sell it at an auction almost always for far less than it's worth. In most cases, you'll owe the lender the difference between the balance of your loan and what the sale brings in. If you are far behind on your car payments and can't catch up, the truth is that you may not be able to afford the car. Under these circumstances, you should think about voluntarily "surrendering" your car before the dealer repossesses it. This strategy can save you expensive repossession costs and attorneys' fees. Because it also makes life easier for the dealer, you should try to get concessions from the dealer before you give up the car. A dealer will often waive its right to collect the amount left owing on the loan and/or promise not to report the default or repossession to credit bureaus. Try to get the dealer to agree not to report negative information to credit bureaus in return for your voluntarily surrendering the car. Negative information (such as a surrender, default, or repossession) will appear on your credit report for seven years, and will affect your ability to get credit in the future.


What are the release dates for Turbo Dogs - 2008 The Muffled Mess-Up Return to Lender?

Turbo Dogs - 2008 The Muffled Mess-Up Return to Lender was released on: USA: 1 December 2010


Should a currently financed car be returned to the finance company before or after bankruptcy is discharged?

If you didnt reinstate the loan, you SHOULD return it promptly or call them to come get it.It will be cheaper on you to return it. The lender will sit on it until they get ready to come get it so they can add late fees ,ect. to your bill.


After a car repo if late fees storage fees and payments are updated can you get the car back even if it has gone to an auction house?

Up until the vehicle is resold at auction, it can be redeemed...in most cases. If the lender has determined the vehicle is a "direct drop," that is it is immediately taken to auction upon repossession, then redemption is going to be unlikely. If you have paid the outstanding fees, and at least have arrangements with the lender, demand the return of the unit. Do not stall, do not wait for them to move.


When to pay tax for capital gain from stock sells?

It is reported as income in the year of the sale. Your estimated payments, as well as your return for that year should reflect the tax on this.


Is spousal support tax deductible?

Spousal support payments would not be deductible on your income tax return. Only Alimony payments would be deductible on your 1040 income tax return.


Are payments made to an insurance company in return for coverage?

yes it is


What is a business which allows others to use its name in return for royalty payments?

franchisee


Can you return a pre-owned car to the dealer after one year of use if you are unable to continue the auto loan payments?

The dealer has nothing to do with the car unless he financed it himself. Do not do this! Figure something else out. Get someone to take over the payments, sell the car and pay the loan off, re-negotiate the loan. Do whatever it takes to keep your good credit. If you return the car to whoever holds the note on the loan, you will be responsible for the difference in what the car brings when the lender sells it and what the payoff is on the note. This will stay on your credit rating for years. A very bad idea!!!!!!


Is it unlawful for your car to be repossessed if you pay all that is due after the car is in repo status?

Perhaps it is. That's a maybe. Some loan contracts have a clause in them that defaults the car to the lender in the event the contract is breached. In these cases, the lender will pick up the car as soon as the borrower becomes delinquent in payments. Many of these lenders will not return the vehicle either, preferring rather to sell the car at auction, and collect the remaining balance through other means.


Is there an Oklahoma law that prevents Americredit from returning a repossessed car after the payments are up to date?

There shouldn't be.You signed a loan with Americredit that governs your situation. The lender doesn't have to return your car even if you bring your loan current.Once you violate the provisions of the loan they can take the car it is up to them whether they give it back.


Can a lender stop you from register a new car if another car is in repo status in Florida?

yes they can stop you , you need to return the car back to the lender in other for you to register a new car.


Are income tax payments deductible?

State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.


If your car has been repossessed in Virginia a redemption state but you have paid the redemption value to the lender how long should you have to wait for the return or release of your vehicle?

The squeaky wheel gets the grease. ONE day is the norm.


How long do they have to reposes your vehicle when you file for bankruptcy?

If your Statement of Intention (in a chapter 7) says you intend to surrender the vehicle, you should offer the keys or the vehicle with the keys to the lender or tell the lender when and where to pick the vehicle up. You may want to send a certified return receipt letter to the lender with this same information. Your state laws may give the creditor a definite period of time to respond or the claim will be deemed abandoned. Consult your bankruptcy lawyer.


What do people supply in return for factor payments?

Land, labor, or capital.