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This is only a partial question, but I'll try to answer what I think the full question might have been.
Either way you are generally liable for the difference between the fair market value of the car and the amount remaining on the loan, so there's no real difference there.
However, voluntarily giving up the car before it's forcibly repossessed can avoid some headaches. For one thing, you'll avoid the repossession fees; for another, you have some degree of control over exactly when it happens, allowing you to do things like remove aftermarket upgrades (stereo stystem, alloy wheels, etc) you may have installed and replace them with the original equipment.
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∙ 13y ago
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Will your insurance go up if you voluntarily give up your car?
If you give up your car, cancel your insurance, as you don't need insurance if you don't own a car. If you are talking about a voluntary repossession, the answer, is possibly, on another car. A repo is a repo, no matter if it is voluntary or not. Your credit will be damaged for 7 years, and this may effect you insurance rates. Don't do it or let it happen. Contact the lender and work something out if possible.
What happens if you hide your car from repossession in Iowa?
Eventually you will be court orderded to give up your car, and plus with a repossession, you will ruin your credit report and they will do a wage garnishment eventually.
What happens when a car is voluntarily repossessed?
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!
What does is mean when repossession goes legal?
File a lawsuit against you and the sheriff comes out and forces you to give up the car. Do not give it up and you will likely be in jail.
When you give your car up for repossession does that hurt your credit score and if so for how long?
YES it hurts for about 7 years.
Can you hide a car from the repo man in California?
Sure you can hide the car. But in doing so, you are just running up the cost of the repossession which you will eventually pay. So, is it wise to hide the car that you do not own? Or would it be much better to talk to the lender and try and work something out even if you have to voluntarily have the car repossessed, thus saving yourself the repossession fees. You decide. is it a felony in calif
Does a creditor have to give some kind of notice in Oregon when your car is up for repossession?
No. The contract you signed when you financed the car gave you the terms and conditions which had to be met in order for you to retain your vehicle - that's your notice, right there. Creditors and repossession agents tend not to give notice, largely because debtors have been known to try to hide vehicles or evade repossession by other methods.
How do you get a car back from repossession in the state of TN?
Pay up.
Does repossession show on your credit report as soon as the car is taken or after it is auctioned?
It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.
What to say when you want to do a car repossession?
If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does
If you cannot sell your car which you still owe on before you leave the country should you just drop it off at the bank and voluntarily give it up?
Sure.
What happens when you have a car loan and you cant pay it?
It gets repossessed. You can contact the lender and see if they will do a voluntary repossession where you give them the car or they will at some point do an involuntary where the repo man shows up and takes the car. Answer Wash the car and show up at the dealership. Get a ride home.
