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Answered 2007-02-14 03:30:30

The lender has no legal obligation to recover a vehicle and usually will not if the vehicle has greatly depreciated due to age and/or condition. The buyer cannot receive a clear title to the vehicle until the loan is paid or satisfied. The lender can use whatever means allowed under the laws of the debtor's state to collect monies owed, including filing a lawsuit against the debtor.

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What do I do with a car that was voluntarily repossessed and the finance company won't come and get it?

While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.


Can I still purchase another vehicle if I voluntarily repo my current car?

It may be alittle tough to find a finance company to finance the vehicle but you should be able to with some cash down.


Can you return a car bought on a personal loan when you were told it was on finance?

Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.


How do you have your car voluntarily repossessed?

The Correct :Most Finance Companies make this very difficult.1)Take the vehicle to the manufacturers nearest dealer for a service appointment. Leave the car there. Remember the Service Reps First and last name.2)Contact the finance company and let them know what dealership the vehicle is at.3)Notify the finance company that you would like to have your vehicle voluntarily repossessed and to pick it up directly from the dealer. Reference the Service Reps Name and write down the the customer service reps full name.4)You can ignore any further attempts to contact you by the finance company or dealership.5)Most finance companies(in California) will not seek deficiency judgement your credit however will be ruined for 3 years.The finance company has no reason to work with you if you can no longer afford to pay.You simply call the finance company and tell them that you are unable to pay for the car due to unforeseen circumstances and make arrangement for them to either pick the car up or ask where you should take the vehicle. I had voluntarily surrendered a car years ago and the Manufacturer made arrangements to pick up the car at my home.There were fees involved and they actually prorate your loan and you will be charged for a certain amount of the cars value. Even if the car is only 3 months old, it is now considered a used car and the finance company cannot sell it as if it were new....it will have depreciated in value as much as 30%


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.


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.


How can you find a repossessed vehicle?

Usually through a bank or finance company check with your bank they can probably tell you who to contact also check the yellow pages for vehicle recovery companies


Can a finance company change your registration when trying to repossess your car?

Is it legal to? NoIs it possible to? NoThe finance company does not have possession of the vehicle so can do nothing with the paperwork on that vehicle until the do secure possess of it.


Does a finance company have to auction a repossed car in Florida?

Yes, a finance company or a bank is required to send the vehicle to an auction to dispose of it.


Who owns a car when the finance company refuses to pick it up?

As long as the finance company holds the title, they effectively own the vehicle.


Is it illegal for a finance company to use a financed vechicle as collateral?

you cannot use it as collateral because you need to hold title of the vehicle however in this case the finance company has the ownership of the vehicle not you.............


Uninsured finance vehicle has been stolen Cancelled insurance because car was being repossessed by finance company?

You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.


In pa when a vehicle is repossessed does the finance company have to tell you what their doing with the vehicle?

Usually, they do not have to tell you what they are about to do to your vehicle. But, the procedure is is that they will sell your vehicle in an auction.


Your vehicle was repossessed and the finance company charged you ''storage'' fee on the invoice to get your vehicle back can the repo agent still charge for storage?

no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it


How does voluntary repossession work on an RV in NC?

Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.


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.


Can you go to jail for selling a vehicle that has a lean hold by a finance company?

yes


Can a finance company go on your property to retrieve a vehicle for repossession in NJ?

Yes


What do you do if you are uninsured and rear ended by a company vehicle and the driver does not want to contact their insurance company?

Call the police and/or the company that owns the vehicle


What is surrendering your vehicle mean?

Surrendering a vehicle, in a financial sense, means that it is being repossessed and it is being given back to the finance company. The company will usually send someone to collect the vehicle.


After 15 days can a company reposses your car?

can a finance company reposses your vehicle if you made your payment on the15 day


Is the repossession of a vehicle by a finance company illegal?

No, it's 100% legal. That finance company is the lienholder. What that means is that, until you've paid that vehicle off and have acquired the title, the lienholder is the rightful owner of that vehicle, and has every right to reclaim their property when the conditions of the contract are not met by the lessee.


Can a vehicle be reposessed for no insurance coverage?

Yes, Almost every Auto finance contract requires the buyer to carry Full coverage auto insurance for the term of the finance note. Failure to company with the terms of the finance contract you signed is a default on the part of the buyer and subjects the vehicle to repossession and other remedies at the disposal of the finance company.


How long does the finance company have to hold the vehicle before they can auction it off?

20 days.


Will sending a finance company a cease and desist letter allow someone to keep a car?

No. A C&D letter is simply a request to cease contact. The vehicle can legally, and probably will be repossessed.


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