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The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.

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βˆ™ 2008-07-25 15:19:28
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Q: What happens when you can't pay the remaining balance of a voluntary return?
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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 happens when your return a car to finance company?

It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.

What happens to a person who bought a car a month ago and has not made the first payment yet and wants to return the car?

It is called voluntary repossession. They will sell the car. You will then have to pay the difference in what the car sells for and the balance on the note. You credit will then be ruined for 7 years. You don't want to do this.

What happens if you do return a car after purchase?

If you try to return a car that the dealer does not agree to take back you may indirectly enter into a voluntary reposition. Be careful this is when you better read everything before you sign and get copies of everything you do sign.

What is the purpose of mortgage loans?

A mortgage loan is obtained when one is purchasing a house. In return for using the value of the house as collateral, a mortgage company will provide a loan for the remaining balance.

What is the balance for purchase return and allowances?


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Is return inward credited in trial balance?


What is the difference between transfer and sale?

Transfer embodies every method of disposing of an asset, voluntary or involuntary. A sale is the voluntary transfer of an asset for consideration. You get something in return.

How do you return an unpaid car?

If it is too difficult to maintain payments on a car loan, it is possible to voluntarily give it back to the creditor or dealership. In some states, however, a creditor can sue for the remaining balance owed on the loan.

A survey in a magazine that asks readers to return the survey would result in?

voluntary-response bias.

Does Jacob return and if he does what happens next?

Yes, Jacob does return.

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