Math and Arithmetic

What will happen if a vehicle is voluntarily turned over to the bank and they sell it for less than is owed?


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Wiki User
2015-07-17 17:45:03
2015-07-17 17:45:03

Your stepson made a decision (maybe not an informed one)and now he has to pay the results of it. Results??? The lender will get a judgment against him for the deficency balance and collect it.They can collect by garnishment of his wages and attachment of his property. Good Luck to him.


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what happens if i voluntarily return my car to the bank due to job loss

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Most engines face forward, or to passenger side of vehicle. Therfore you sit on the left side,so that's bank one. if your engine is turned toward passenger side. bank one is front of vehicle.

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If you have not driven off the lot with the vehicle and have not turned over the title for trade there is no deal. They still have the vehicle you agreed to buy, and the bank has to approve the loan which has not been done either.

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Yes. Damage could still happen to the vehicle and the loan company or bank will require full coverage.

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The simple answer is, that if the bank never picked it up it is not repossessed. If you are not making your payments, and really want to give up the vehicle, what a lot of people do is take it back to the bank, and leave it in their parking lot. Be sure to give the bank manager the key and let them know what you are doing. If this is not possible continue to try to call them.

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