Repossession
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What is the difference between a car been repossessed or voluntarily surrendered?

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2006-06-13 04:05:25
2006-06-13 04:05:25

AS far as your credit goes there isn't any a repo is a repo it stays on your credit for seven years.A voluntary repo can save you $200-300 in repo fees .You are still charged all the fees related to preparing the car for auction and auction fees etc. which run between $500-700 and up.And of course that is added to the balance after the the car is sold.

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In MOST cases, YES. PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.

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If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

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confession happens voluntarily, guillty plea after being charged.

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The difference between the sale price & loan balance is what they will bill you for.

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Yes. If you take out a car loan, fail to make payments, and the car is repossessed, you will have to pay the difference between the price the lender received at auction and the balance remaining on your loan.Since repossessed cars are usually sold at wholesale auctions, the difference can be thousands of dollars.

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Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.

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Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).

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Generally adoption is for animals that have been surrendered or unwanted, and for sale is generally pets that have never been owned before.

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They can't force you into bankruptcy, that is a choice you have to make based on your ability to pay your debtors. When a car is repossessed it is sold and you have to pay the difference between what you owe and the cars sale price.

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I'm sure it depends on where you are, but the finance company that I used to work for paid between $150 and $300 per car, depending whether the customer voluntarily surrendered the car or whether the repo agent had to take it.

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A trader is someone who purchases or sells, voluntarily swap of goods and services. A consumer is a person, organisation or a business that buys goods and services.

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Well, when Cornwallis surrendered, it had been just a battle that he lost. But when Robert E. Lee surrendered it was the whole reason to why the confederates lost the Civil War.

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The difference between vacate and satisfaction of a lien is the way in which it was surrendered. During a vacate of a lien, the creditor is releasing the lien on a loan, usually because of a full repayment. The satisfaction of a lien would be like a repossession for non payment to a creditor.

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There is a very slight difference between courtesy resignation and voluntary resignation. In courtesy resignation is voluntarily resigning from a job for personal reasons. As for voluntary resignation, it mostly affects civil servants where there is some pressure on the performance and one chooses to resign.

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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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A repossessed boat is a boat that the bank or company has taken back from you because you neglected or were unable to make payments to legally own the boat. A normal boat would be a boat that's owned by a person who's either making the payments on time or already has it paid off.

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"Retire" means stop working for the rest of one's life. "Quit" means voluntarily to stop working at a particular job, probably to seek employment elsewhere.

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They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.

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Your option is to CALL the lender who had it repossessed and find out how much it will cost to get it back. Repossession is a matter between YOU and the LENDER. There is no state agency that oversees the process.

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