You simply drive the car down to the lenders place of business and tell them you want to voluntarily have your car repossessed. This is ahorrible idea, which you will regret for the 7 years your credit is going to be ruined. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
No, you cannot just return the vehicle. The buyers remorse law does not apply to automobiles. You can of course return it as a voluntary repossession, which would be a horrible idea.
You cannot return a new or used car in Florida except under the Lemon Law. the Buyers Remorse law does not apply to the purchase of a vehicle.
Yes, a voluntary repossession does not mean the buyer is not responsible for any of the remaining loan debt according to the original contract terms or for any additional fees.
in the state of Florida there is no cooling off period
What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.
Notice is not necessary in all state prior to repossession. In fact it is not necessary in most states. If you have paid current on the loan, and the repossession occurred anyway, this is likely a communication lag between the lender and the repossession company. It happens often. Contact your lender and explain what happened. Be patient and polite--they are not required to return the vehicle. They likely will because they want your money not the car. Ask the lender how you can get your vehicle back. Ask them who has your vehicle, and call that company to explain the vehicle was "wrongfully repossessed" and why. Again, be patient and polite--these people have your car.
No, the buyers remorse law does not apply to the purchase of a new or used vehicle.
None. There is no right to rescind the contract for purchase of a vehicle in Florida. Once you sign the contract, the vehicle and the loan are yours.
If you call the Bank; Finance Company and let them know that you are going to return the vehicle to them. They tell you where you can drop the vehicle off and you deliver it to that place. That is a voluntary repossession. The only other thing would be if the Bank; Finance Company agrees to pick the vehicle up at your residence at no charge.
When the car gets back to the bank, its sold and the debtor owes the difference between what it sold for and the outstanding balance on the loan. IF it sells for more than is owed, debtor has to pick up the check for the surplus. There are no differences between a voluntary repossession/relinquishment of vehicle by the borrower and the forced repossession/recovery by the lender, except for some of the repossession costs such as towing. FYI, a bank will not allow you to return the vehicle in the sense that you can "drop it off" somewhere.
If it is a used vehicle and the contract states that you bought it "as is", you can not return the vehicle. Unless you were somehow misled as to the deal, the vehicle, or the contract, and can prove it, you can not return the vehicle.
No, you cannot just return it to the dealer. The dealer has nothing to do with this unless the dealer is also the lender. You must return it to the entity who loaned you the money to buy the car in the first place. It is their car until you pay for it. This is called a voluntary repossession. You will be required to pay the deficiency. That is the difference in what you owe on the vehicle and what they sell it for at auction or private sale. Your credit will also be ruined for 7 years. You will save repossession fees by turning it in voluntarily.
In the State of Arizona, the license plate belongs to the debtor. They cannot charge you for your plate but they can charge you for inventory and storage of your personal property (which, incidently, includes your plate).
NO, there is no cooling off period on the purchase of any vehicle, new or used, in any state. You cannot return a new car that is used car once you buy it. The only way you can return it is if the dealer agrees to the return which is highly unlikely.
If you bought the vehicle you cannot return it period. The Buyers Remorse law does not apply to the purchase of a vehicle.
No. Once you buy a new or used car you own it and cannot return it. The Buyers Remorse or Cooling Off Period Laws do not appy to the purchase of a vehicle of any kind.
No, there is not. That new car is now a used car and you cannot return it. The cooling off period or buyers remorse law does not apply to the purchase of a vehicle.
Not if you have bought it. There is no buyers remorse law in any state that applies to the purchase of a vehicle. You bought it and you are stuck with it unless the seller agrees to take it back. You better ask very nicely.
I found the answer to my own question as I contacted an attorney in my area...For those of you who would want to know the answer is NO. A lender or collection agency is not able to take your yearly income tax return if you have a deficiency from a vehicle repossession. The only thing they can do regarding your taxes is file a 1099 form if they chose to forgive the debt which would mandate that you report the amount as income on your tax return to which you pay taxes against it.They can however file a judgment against you and in some states can garnish your wages but that varies.Hope this helps.
Absolutely. Any creditor action including repossession cannot be taken after the filing of a BK and/or before the BK is completed and discharged. The vehicle will have to be returned to the borrower to await action by the lender such as requesting the BK stay be lifted or a reaffirmation agreement made between the lender and borrower.
Yes, it is called hindering a creditor, or hindering repossession. It is not likely that you will be arrested for such, but it is far more likely that the creditor will obtain an order of replevin. If such occurs, the repossession agent is likely to return with this order accompanied by a law enforcement officer who will order you to surrender the vehicle. If you refuse you will be arrested, and you will have to surrender the car to secure your release.
i have a w2 with florida taxes taken out,do i fle this with florida
NO, not unless the selling dealer agrees to the return. The cooling off period or buyers remorse law does not apply to the purchase of an automobile in any state.
You actually do not have a set period of time to return a vehicle purchase. There is no law that requires a dealership to take a vehicle back once purchased unless the vehicle is faulty.