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It means that you physically drive the car back to the lender possibly after calling and making that arrangement. Sometimes not. But you turn over your keys and leave the vehicle there. If the lender knows you are coming, some paperwork depending on the state should be ready for you to sign.
What else can I help you with?
Can you voluntarily surrender a vehicle if you are currently residing in another state?
No
How do I get a title to a vehicle that was secured by a loan that was not reaffirmed after bankruptcy?
You don't. You voluntarily surrender the vehicle to the lender, or at least offer the ooprtunity for the lender to secure it. If the lender declines, you get this in writing and ask the lender to surrender the title to you. On the outside chance this occurs, you take the title to the DMV and change the title.
Do you need to renew the registration if you are planning to voluntarily surrender the vehicle?
I would surrender the car before the registration is due. Once you surrender the car, the car will go to auction and sold for the highest bid. You will then need to either pay the deficit to the finance company or file for bankruptcy protection to elimiate the debt. NOT if you turn it in B4 its due.
If you cannot afford your vehicle and voluntarily surrender the vehicle what can they do to collect the difference?
According to a friend of mine who is in repossesion: (Short form of discussion) They will file a civil suite for the remainder of the amount for which they are not recompenced thru sale at auction. They will then garnish your wages to collect granted sum.
How do I surrender a vehicle to the bank?
obama did it!!!!!!!!!!!
How do you voluntary turn in your car at the dealership?
Unless the dealership is the one actually financing your car, you don't. You would turn it in to the finance company. You just call them and tell them you wish to voluntarily surrender the vehicle. They'll give you instructions on how to proceed.
How do you get a co-buyer off of a car loan if they are in default?
You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.
What if you are in bankruptcy and voluntarily surrender your vehicle does it still go on your credit as a repo?
Yes, because it is still a reposession, even if you agree to it. It's irrelevant anyway since a BK is far more damaging than anything they might say to your credit.
In Texas can you still be sued if you voluntarily surrender a damaged car to the lender?
Yes, there is no difference of application of debt owed whether a vehicle is voluntarily surrendered by the borrower or the lender takes steps to recover the vehicle. The borrower is responsible for all costs associated with the vehicle after it has been sold at public auction. If the vehicle has been damaged and cannot be sold under such conditions the borrower will be responsible for the entire balance of the loan plus fees and penalties. The lender has the right to pursue litigation to recover monies owed and if granted a judgment can execute it against property belonging to the debtor.
Who do you call when a car is up for repo?
If you want to voluntarily surrender your car, you can call the finance company and ask for instructions on how to proceed.
Must you have a warrant of arrest to allow for surrender into custody?
It is not necessary for a warrant to actually exist - if you know, or suspect, that you are wanted for an offense you may voluntarily surrender yourself to to authorities wtihout the existence of a warrant.
How do you voluntarily return a vehicle to the dealership?
You must leave it ON the dealers property somehow.
