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.
In MOST cases, YES. PS. Its not the "value claimed", its the diiference between what you owe and what the lender sells it for.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
The difference between the sale price & loan balance is what they will bill you for.
confession happens voluntarily, guillty plea after being charged.
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.
YES, read the contract you signed.
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.
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).
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.
Generally adoption is for animals that have been surrendered or unwanted, and for sale is generally pets that have never been owned before.
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.
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.