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.
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
what are the legalities of voluntary vehicle 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
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?
Pay it off, voluntary repossession, sell the car and pay it off.
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.
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
If the lien holder allows. This is voluntary repossession and will probably not relieve you of any money you owe.
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 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.
CAN & WILL. Good Luck
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.
A repo is a repo is a repo.
If it drives, take it to the finance company and hand them the keys.
who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?
How do you write a car repossession letter?
You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.
On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.
is concealing a car from repossession a felony in georgia?
IF the car was repaired after the accidents, probably not. If NOT repaired , it will decrease the amount the car brings at auction, increasing the amount you owe.
When you voluntarily surrendered your vehicle for repossession, you signed a voluntary release form. The probability of you redeeming your vehicle is extremely remote now. It is possible that if you attend the auction where it is being sold, you may be able to repurchase it though.
The repossession process of a car usually takes about 6 months
In most states, you will owe whats left owing after the ins. co. pays.
Gap insurance does not cover repossession anything. It only covers if you wreck the car and owe more than it is worth.
Yes they can but probably only thru the probate court and the estate would have to be solvent.