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What if you voluntary repossession of your car due to excessive car repairs?
Wiki User
∙ 18y ago
You are combining two unrelated items.The bank doesn't care if your car is running or the problems with it they want their money.A voluntary repo is the same as a non voluntary repo you will still owe the balance of the loan after the car is sold and the amount deducted from your outstanding loan.
Wiki User
∙ 18y ago
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How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
What are car repossession laws in Missouri regarding notification to auction a vehicle?
what are the legalities of voluntary vehicle repossession
Is it crazy to consider voluntary repossession of a 10-year-old vehicle that needs a thousand dollars worth of repairs and you still owe about five thousand on the loan?
No crazier than owing that much on a car that old. IF you do the 1k in repairs, will it last until you get it paid off? What is the loan value of the car in decent shape?
How do you get out of a car loan that you don't want anymore?
Pay it off, voluntary repossession, sell the car and pay it off.
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 bought a used car and want to return it and buy a cheaper one will it ruin your credit?
What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.
Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
If you owe money on a car your insurance has expired and you damaged your car you are going to call the bank for a voluntary repossession can they sue for damage?
CAN & WILL. Good Luck
Can you return a car to the lienholder?
If the lien holder allows. This is voluntary repossession and will probably not relieve you of any money you owe.
What does a car repossession do to your credit How can you delete it from your record?
It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.
Turning in a car prior to reposession?
Turning in a car prior to formal repossession activity is still a repossession. It differs only in the fact that it is voluntary and may not affect your credit quite as adversely. It does demonstrate a certain level of responsibility.
You returned a car you purchased because you could not pay for it?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
