A FRIEND OF ME TOLD ME THAT IN THE STATE OF FL, THERE IS A LAW THAT IF YOU VOLUNTARILY REPOSSESS YOUR CAR, THE BANK CANT COME AFTER YOU IF YOU ARE A SINGLE PARENT. IS THERE ANY TRUTH TO THIS...??
2006-08-17 03:01:42 · 5 answers · asked by KIM F 1 in Business & Finance ➔ Personal Finance
Oh, right - preferential treatment for single parents - now that's a good one. Sorry, untrue.
* Voluntary Repossession.
Voluntarily returning the vehicle to the creditor may reduce your creditor's expenses in retaking the car, and may reduce the amount you will owe the creditor. But remember, you will still be responsible for paying any deficiency on your loan, and your creditor may still enter the repossession on your credit report.
2006-08-17 03:10:03 · answer #1 · answered by Zelda 6 · 1⤊ 0⤋
If you fail to pay a debt, you're liable for it. You're always better of when you voluntarily repossess the asset that works as a colateral for the debt. You're showing good will to the creditor, but banks don't run on good will, they deal with money. If the market value of the asset is superior to the debt, you're ok and you may even get some money out of the deal. If not, you still owe money to the bank. In this latter case, if you repossess, the bank may pay you back the good will by giving you some extra time to pay the balance... but don't expect the bank to treat you differently weather you're a single parent or you have twins.
2006-08-17 10:26:35 · answer #2 · answered by virgilio costa 3 · 0⤊ 0⤋
The truth is that you will get no preferential treatment, nor will your credit report specify whether the repossession was voluntary or involuntary. The sole advantage to voluntary repossession is that you may save some in repo fees and legal fees.
However, avoiding repossession altogether is a much better choice, if you have options that allow you to do so.
A repossession can haunt you for years as you try to rebuild your credit. In addition, your car could be auctioned or sold for far less than you owe, meaning that you are still liable for substantial debt payments on a car you can no longer drive.
2006-08-17 11:40:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
NO- if you are yelling I will as well. Juts because you are single parent (you got laid and pregnant without having a serious relationship with a partner) does not qualify you for any special treatment. Why a single parent should get or deserve any special treatment then a couple? Learn to pay your bills or learn not to overspend yourself.
P.S. You should have though about all these financial difficulties before you decided to keep the baby.
2006-08-17 10:12:52 · answer #4 · answered by fasb123r 4 · 0⤊ 1⤋
dont believe that is true... check your local laws. look up what you described.
2006-08-17 10:14:25 · answer #5 · answered by shortymaciam 3 · 0⤊ 0⤋