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What is the Difference between car repossession and turning car in to bank?
Wiki User
∙ 13y ago
Very little difference. A repossession is a repossession, whether voluntary or not. The only thing is when all is said and done, and they sell the car and you pay the difference in what the car sells for and the balance on the loan, you will not have to pay the towing and repossession fees. Your credit will be ruined for 7 years either way.
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Wiki User
∙ 13y ago
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Is there a reward for turning in a vehicle that the bank is unable to collect for repossession?
I doubt it but you can always call and ask.
What is the difference between a bank loan and a bank credit?
What is the difference between bank loan and bank credit?
What are differences between commercial bank and non bank financial institution?
difference between non bank and commercial bank?
What is the difference between bank and banking?
Bank = nounBanking = Verb
Can a bank garnishee your wages after a repossession?
Yes
Is there a reward for turning in a vehicle that the bank is unable to collect for repossession?
I doubt it but you can always call and ask.
What is the difference between a bank loan and a bank credit?
What is the difference between bank loan and bank credit?
What is your obligation if you take the car back to the bank before they come to get it?
When the car gets back to the bank, its sold and the debtor owes the difference between what it sold for and the outstanding balance on the loan. IF it sells for more than is owed, debtor has to pick up the check for the surplus. There are no differences between a voluntary repossession/relinquishment of vehicle by the borrower and the forced repossession/recovery by the lender, except for some of the repossession costs such as towing. FYI, a bank will not allow you to return the vehicle in the sense that you can "drop it off" somewhere.
What is the difference between traditional banking and modern banking?
difference between modern and traditional banking is
What can be done to you if you have a car repossession?
Pay the bill and fees to get your car back. If you can't afford it, your bank will auction the car and you will pay the difference between what they sold it for and your loan. Your credit is also ruined, it will get better in 7 years.
How do you surrender a car to the bank or lender?
Bad idea!! This is called a voluntary repossession. Your credit will be ruined for 7 years, and you will still be responsible for the difference in what the bank sells the car for and the balance on the note. Go to the bank and sit down and work out new payments. Sell the car yourself and borrow the difference if you are upside-down on the loan. Have someone possibly take over the payments. Do whatever is necessary to avoid a repossession.
What are differences between commercial bank and non bank financial institution?
difference between non bank and commercial bank?
What is the difference between bank and banking?
Bank = nounBanking = Verb
Can a bank garnishee your wages after a repossession?
Yes
Do you still owe for car returned before repossession?
Unfortunately yes what the bank or creditor will do is sell the car most likely at auction for "X" amount. you end up liable for the difference between what they sell it for and the remaining balance of the loan.
What is the difference between bpi family bank and bpi family savings bank?
no difference, they are one and the same
What is the difference between bpi savings bank and bpi family savings bank?
no difference, they are one and the same
