When a repo man pays off a car, it typically stops the repossession process because the debt on the car is cleared. This means the car no longer needs to be repossessed since the debt has been settled.
repossession
YES, on a CR, a repo is a repo.
A repo is a repo is a repo.
The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.
One where the repossession agency receives no fees to cover the expenses incurred in the efforts expended during the recovery process unless the unit is actually recovered. No repo, no money.
The answer to this depends on the state you live in. Each state has different laws that prescribe the process for repo and sale.
No. The only vehicle that can be repossessed is the vehicle for which the agent has a valid order of repossession, OR in some cases, a vehicle the agent encounters (such as reported by a camera car) in the process of locating another repossession. Anything other would be wrongful repossession or possibly grand theft auto and extortion.
It won't fix it, but paying off any remaining debt from the vehicle should help your credit rating. Unfortunately, a repossession will linger on your credit report for about 7 years.
Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.
If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
WI is now and has been self help since the middle of 2006