• Repossession
  • Mortgages
  • Wells Fargo

What does it mean to voluntarily surrender a vehicle?

User Avatar

Wiki User

βˆ™ 2006-08-04 11:57:48

Best Answer

It means that you physically drive the car back to the lender possibly after calling and making that arrangement. Sometimes not. But you turn over your keys and leave the vehicle there. If the lender knows you are coming, some paperwork depending on the state should be ready for you to sign.

2006-08-04 11:57:48
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: What does it mean to voluntarily surrender a vehicle?
Write your answer...

Related Questions

Can you voluntarily surrender a vehicle if you are currently residing in another state?


How do I get a title to a vehicle that was secured by a loan that was not reaffirmed after bankruptcy?

You don't. You voluntarily surrender the vehicle to the lender, or at least offer the ooprtunity for the lender to secure it. If the lender declines, you get this in writing and ask the lender to surrender the title to you. On the outside chance this occurs, you take the title to the DMV and change the title.

Can you surrender your vehicle after filing chapter 13?

Can you surrender your vehicle after filing chapter 13?

Do you need to renew the registration if you are planning to voluntarily surrender the vehicle?

I would surrender the car before the registration is due. Once you surrender the car, the car will go to auction and sold for the highest bid. You will then need to either pay the deficit to the finance company or file for bankruptcy protection to elimiate the debt. NOT if you turn it in B4 its due.

If you cannot afford your vehicle and voluntarily surrender the vehicle what can they do to collect the difference?

According to a friend of mine who is in repossesion: (Short form of discussion) They will file a civil suite for the remainder of the amount for which they are not recompenced thru sale at auction. They will then garnish your wages to collect granted sum.

How do I surrender a vehicle to the bank?

obama did it!!!!!!!!!!!

How do you voluntary turn in your car at the dealership?

Unless the dealership is the one actually financing your car, you don't. You would turn it in to the finance company. You just call them and tell them you wish to voluntarily surrender the vehicle. They'll give you instructions on how to proceed.

In Texas can you still be sued if you voluntarily surrender a damaged car to the lender?

Yes, there is no difference of application of debt owed whether a vehicle is voluntarily surrendered by the borrower or the lender takes steps to recover the vehicle. The borrower is responsible for all costs associated with the vehicle after it has been sold at public auction. If the vehicle has been damaged and cannot be sold under such conditions the borrower will be responsible for the entire balance of the loan plus fees and penalties. The lender has the right to pursue litigation to recover monies owed and if granted a judgment can execute it against property belonging to the debtor.

How do you get a co-buyer off of a car loan if they are in default?

You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.

What happens if you don't go to court after your bond is revoked?

If you do not surrender yourself voluntarily, a bench warrant for your arrest will be issued.

What if you are in bankruptcy and voluntarily surrender your vehicle does it still go on your credit as a repo?

Yes, because it is still a reposession, even if you agree to it. It's irrelevant anyway since a BK is far more damaging than anything they might say to your credit.

How do you voluntarily return a vehicle to the dealership?

You must leave it ON the dealers property somehow.

If you can't pay for your vehicle can you voluntarily turn in your vehicle?

Im pretty sure even if you did voluntarily hand it back you'd still have to pay the remaining balance. They won't just tanke back a car and call it good.

Must you have a warrant of arrest to allow for surrender into custody?

It is not necessary for a warrant to actually exist - if you know, or suspect, that you are wanted for an offense you may voluntarily surrender yourself to to authorities wtihout the existence of a warrant.

Who do you call when a car is up for repo?

If you want to voluntarily surrender your car, you can call the finance company and ask for instructions on how to proceed.

Can a company refuse to reimburse employees for business use of their personal vehicle?

Yes, but only if the employee used his own vehicle voluntarily and a company vehicle was available.

If you voluntarily return a vehicle to the finance company are you responsible for the balance after the sale of the 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.

What is Cash Surrender Value?

The cash surrender value is the sum of money an insurance company will pay to the policyholder or annuity holder in the event his or her policy is voluntarily terminated. This is only before its maturity, or if the insured event occurs.

Can an owner voluntarily let someone put a lien on a vehicle?

Yes, but why would anyone want to do this?

What is surrender value in accounting in joint life policy?

it is an amount paid by insurance company to person who has voluntarily terminate his policy before maturity

What does cece mean?

To Surrender

How do you say you surrender in Spanish?

As a verb, surrender is rendir(se), entregar(se), darseor ceder depending on whether you mean surrender oneself or surrender something. As a noun, surrender is rendici

What does surrender mean in Islam?

Islam is to surrender and submit yourself the Al-MightyGod

What is capitulate mean?

Capitulate means to surrender or give up a fight.

What does CEVA mean?

Church of England, Voluntarily Aided :)