YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
That would be at the discretion of the lender(s). If an agreement is made and all terms are lived up to, the lender probably will not report the default to CRA's.
The lender would have the option of filing suit to recover monies that are still owed.
Returning the car to the lender will not relieve the borrower of the legal responsibility to pay the debt. The balance of the loan and any additional fees is still owed on the vehicle and is valid and collectible.
In a word YES any difference in the amt. of loan and amt. lender recovers can still be collected.
The lender owns the vehicle and is required to sell it at a public auction for as close to the market value as is possible. It is likely the judgment wage garnishment is a result of money still owed on the original loan amount plus fees that were not covered in the sale of the vehicle.
If there is money owed to the lender with the vehicle used as collateral, the lender will be shown as a lien holder on the title and can if the contract is defaulted recover the vehicle according to the laws of the state in which it is registered. yes
You will need to get a written lien release from the lender.
Provided it is not prohibited in the loan contract, probably. Keep in mind that the lender still holds lien on the vehicle and you are still obligated to pay the note. Should payment cease, the vehicle is still in all likelihood available for repossession, and the fact that another person holds it will not stop recovery, nor will it end your responsibility to the lender.
If the ex's name is on the loan, then yes, the lender can, and in all likelihood will, still hold the ex responsible. You'd need to refinance the vehicle in your name alone.
Provided the lender still holds the lien on the vehicle, it will still be repossessed and you will find you have a problem with a former friend.
did you mean resource? The lender has authorization called lean to hold your property after a loan debt.
Yes most likely. If the lender is still on the title, if not then they cannot, without some sort of court order.
That would be at the discretion of the lender(s). If an agreement is made and all terms are lived up to, the lender probably will not report the default to CRA's.
You cannot sell a car you have a loan on if the lender has a lien on the vehicle. You will need permission from the lien holder to sell the car. If the lender has no lien on the vehicle then you can sell it if you wish. The title will list any lien holder.
First of all you call the repo company. After that keep trying to call the bank. As long as they don't sell the car you can still get it back by paying the reinstatement amount. * A repossession agent/agency is contracted by the lender, they have no authority to release a vehicle unless the lender orders them to. The lender has no legal obligation to reaffirm the vehicle loan or make any other financial arrangements for the person to recover the vehicle unless state laws allow a time limit for redemption or other applicable remedies.
The lender would have the option of filing suit to recover monies that are still owed.
The lien is no longer applied to the vehicle when the loan is paid off. You can then get a lien release from the lender. As long as the loan has not been paid off the vehicle still has a lien on it.