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Repossession
Mortgages
Accounts Payable

What are the consequences of a voluntary reposession if one is current on their payments but just tired of paying a 560 car note?


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Wiki User
2004-12-22 18:38:46
2004-12-22 18:38:46

consequences?? you still have to pay the balance due after the lender sells it at auction. NOT good. options??? Better idea. SELL the car,get all you can and pay the difference then even if you have to borrow the money. It will be much cheaper than idea above and you will reduce the payments,still have good CR. takes a little time, work with the lender but a MUCH better idea. MERRY CHRISTMAS

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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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Not sure about U.S.A. loans, but in Canada, if you pay extra towards your mortgage, the entire payment goes towards the principle only. This is, of course, assuming that your mortgage agreement doesn't state otherwise, and that you are current in your regular required payments.

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Not as long as the payments are current and have remained so.

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You pay it in full and stay current in future payments until the child support order ends.You pay it in full and stay current in future payments until the child support order ends.You pay it in full and stay current in future payments until the child support order ends.You pay it in full and stay current in future payments until the child support order ends.

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Back payments yes, forward payments must be kept current.


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