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Some will work out a deal, but recognize that they will auction the vehicle and receive far less than it's worth, then they will charge administration fees and anything left will be charged back to you. You'd be better off if you went to the lender, let them know what you're trying to do, then sell the vehicle yourself. You'll be able to get more money that way and if the bank knows that you're planning to pay them back they may actually work with you... but they aren't required. Defaulting on a vehicle loan can be expensive and a financial disaster.

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โˆ™ 2006-08-18 17:09:20
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Q: Will a lender settle with you if you give up your car?
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Can you use your car as collateral for a loan?

Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.Yes, your car can be used a collateral but it is up to the lender.


If the creditor tells you that you would have a zero balance if you give the car back how will this look on your credit when purchasing another car?

It will look MUCH better IF you can get the lender to put the"ZERO BALANCE" part IN WRITING before you give up the car.


What happens when you have a car loan and you cant pay it?

It gets repossessed. You can contact the lender and see if they will do a voluntary repossession where you give them the car or they will at some point do an involuntary where the repo man shows up and takes the car. Answer Wash the car and show up at the dealership. Get a ride home.


Can lender refuse to pick up car and still refuse to release title?

The title is only released when the debt or loan is paid in full. If you want the lender to pick up the car, I'm guessing that you can't or don't want to make the payments. The lender can refuse to pick up the car, but, if the debt remains unpaid, they will probably have the car repossessed which will negatively affect your credit rating.


If you give up your car can they garnish your wages and put a lien on your house you live in Texas?

After the lender gets a judgment they can garnish your wages but they cannot getyour house unless you used it as collateral for the car loan.


If you default on your car loan can they take your away your pension?

Not right away.Generally:The lender has a reposession company pick up the car and take it to an impound yard.The lender has the title changed to their name.The lender sell the car to a wholesaler, usually for the wholesale book value.From the proceeds the seller recovers the legal fees and the reposession fees. The balance of the money is credited to your account.Now the lender comes after you for the rest of your account balance. The can:Negotiate with you and settle for part of the money.Get a collection company to recover as much cash as they can from you.Take you to court and now the court can garnish your pension to pay off the debt.


You filed chapter 7 today got a case number could your car still be repo?

If you notified the lender, no. Be sure to fax proof of the bankruptcy to the lender. You also need to let them know approximately when you will be notifiying them as to what you plan to do.. reafirm the balance ( continue to pay) or give up the car. Good luck!


Will your insurance go up if you voluntarily give up your car?

If you give up your car, cancel your insurance, as you don't need insurance if you don't own a car. If you are talking about a voluntary repossession, the answer, is possibly, on another car. A repo is a repo, no matter if it is voluntary or not. Your credit will be damaged for 7 years, and this may effect you insurance rates. Don't do it or let it happen. Contact the lender and work something out if possible.


How long after you let the lender know of a voluntary repo and the car has no plates and insurance should it be picked up?

Gpysy, they have about a year to come get it. LOL Most wait until you are 90 days late to give you a chance to come up with MONEY and keep the car.


If a repo has been placed on your car but you pay for the car before they pick it up can they still pick it up?

Contact the lender they are the ones who call off the repo.


What if the market value is below the mortgage amount - would a deed in lieu of foreclosure still work?

That is up to the lender. You need to contact the lender.That is up to the lender. You need to contact the lender.That is up to the lender. You need to contact the lender.That is up to the lender. You need to contact the lender.


While repossessing your vehicle the driver used his car to hit you and threatened you and your husband with being arrested if you did not give him the car is this legal?

No what he did is called assault.....is this a repo co. or a private individual? If your car is up for repo the police will not arrest you it is a civil matter between you and the lender.

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