You may still end up owing a lot of money on it ,and you won't have it ! State laws vary on this - better to negotiate a settlement of some kind.
You are lucky. If you cannot make the payments contact the lender and try and work something out. If not voluntarily turn the car in yourself. You will save yourself the repossession fees.
Chris, I dont know the answer to the question YET. I will find out today. Email me latyer on and Ill have it for you. What does the lender "say" they will do???
if i get my car repossessed, can they put a llien on the house?
what happens if i voluntarily return my car to the bank due to job loss
You loose your car...
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
then theyre out of a home
you may need to pee
You will also be liable for any deficiency balance
They are sent to an auction and sold.
Normally your credit is ruined for 7 years.
You do not want your car repossessed for any reason! it will ruin your credit, you will still have to pay for it once it sells for less than what you owe at auction, and eventually a repossession catches up to you! What you can do to save your car is contact *CAR HELP USA* tHIS company will lower car payments, lower interest rates, get you current with your auto loan, stop repossession, refinance, and save your car! You will need to act quickly as a volunrarily repossession does not answer ANYTHING!
You owe the difference I think.
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
READ your lease contract. It should specify the results of repossession.
They get resold as used cars to make some of the money back.
They are impounded until further action is taken
Edit: They should replace it. Original: you win.
You are not giving it back to the bank, you are having your car voluntarily repossessed. It ruins your credit for 7 years. Which may sound like a bad thing, but in reality will keep you from buying more car than you can afford for the next 7 years, which is a good thing. Remember if you do this, you will still be responsible for the difference in what the bank sells the car for, and the balance on the loan.
I can can be legally repossessed no matter where it goes in the USA. As long as the repossessor can find the car and identify it as the one to be repossessed. It may not be cost effective if it is a long distance unless the vehicle is of greater value than the cost of returning it and paying someone to do that. They can also wait until you return.
Yes. For any amounts not recovered insluding repo costs.
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
confession happens voluntarily, guillty plea after being charged.
Your car can be repossessed at any time without any warning if you aren't making your payments. It is probably in your paperwork in the fine print what happens when you don't make your payment.