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Voluntary repossession" is a term used to describe a situation in which a consumer voluntarily surrenders the property securing a loan, such as an automobile, to the lender that financed the purchase. Voluntary repossessions generally occur when a consumer has fallen behind on his or her loan payments, and decides to surrender the property rather than forcing the creditor to proceed with repossession. Voluntary repossessions occur most frequently with vehicles, but can occur with any type of secured loan, such as the purchase of work equipment, jewelry, etc.
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∙ 14y ago
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What happens to the state registration if you voluntary repo a vehicle?
The license plates are yours to keep and transfer to another vehicle if you wish.
What if you have a car for repo and they wont come and get it when you tell them to?
Some creditors will not do voluntary repo's because the collateral is not worth what the repo process costs them. I do recommend that you send them a letter certified stating you request the vehicle be picked up by a specific date and you will not be responsible for anything that happens to the vehicle after that date.
What happens after a voluntary repo and the vehicle has been sold at auction and money is still owed in TX?
They will try and get the balance from you either through the courts or thru negotiations with you.
What happens to your credit with a voluntary repossession?
A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
When repo man hits another car when repossesion a vehicle?
when repo man repossess the car and was in an accident before you can get it back, what happens
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
Can you do a voluntary repo on a lease vehicle?
yes, contact your leinholder and tell them that you will no longer be making any payment and where they would like for you to leave the car
If you do a voluntary repo and get another dealerships car will that hurt your credit as bad as not making any payments for a repossession?
A repo is a repo is a repo.
If you have a voluntary car repo while you are in chapter 13 how does it appear on your credit report?
as a repo
What are examples of voluntary car repo?
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.
What happens when they repo your car and they shouldn't have?
If the bank made a mistake they will return the vehicle to you, the repo company is under a hold harmless and work the accounts the banks give them.
