answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2005-09-17 17:14:27
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides
๐Ÿ““
See all Study Guides
โœ๏ธ
Create a Study Guide

Add your answer:

Earn +20 pts
Q: What if you voluntary repossession of your car due to excessive car repairs?
Write your answer...
Submit
Related questions

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


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


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.


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.


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.


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


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.


If you do a voluntary repo and get another dealerships car will that hurt your credit as bad as not making any payments for a repossession?

A repo is a repo is a repo.


If you call in a voluntary repossession do you have to keep paying on the car until its picked up?

If it drives, take it to the finance company and hand them the keys.


Where do you get car repossossion permit?

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?

How do you write a car repossession letter?


I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?

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.


Do you pay what is left on the loan or what the lienholder sells it for on a voluntary repossession of a car?

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?

is concealing a car from repossession a felony in georgia?


If the vehicle was in accidents does that have any bearing on the lienholder trying to sell it after a voluntary repossession?

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.


May you get your car back for voluntary repossesion?

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.


How long does the repossession process of a car usually take?

The repossession process of a car usually takes about 6 months


If a car was totaled by the insurance company after it was repaired per the insurance company what is owed for a voluntary repossession?

In most states, you will owe whats left owing after the ins. co. pays.


Does gap insurance cover the remainder of a loan from a voluntary reposession of a vehicle?

Gap insurance does not cover repossession anything. It only covers if you wreck the car and owe more than it is worth.


Can a finance institution go after a deceased persons estate to collect on a car turned in under voluntary repossession?

Yes they can but probably only thru the probate court and the estate would have to be solvent.