Voluntary returning a vechile?
I missed 5 payment on my van and I gave it back to them voluntarly( not repossed) The contract I signed claims that I owe them no money at all. Does any one know how this affects my credit? Also if they decide the van is not worth what I owe on it what will happen? They had not signed the agreement because they wanted to inspect the van 1st. They said they will call me
2006-10-29 05:10:13 · 5 answers · asked by R C 5 in Business & Finance ➔ Credit
It is a default but the van is in my name and until they sign the contract I can go andtake my van back. I was just wondering how it usually works
2006-10-29 05:34:45 · update #1
There is virtually NO difference between voluntary and involuntary repossessions in terms of the damage it does to your credit - and if the loan holder doesn't get what they are owed then they are likely to file a collection as well in an attempt to get those additional funds. The worst part about this is that you will probably be shocked what that difference is because they will auction your van off for far less than retail value -
2006-10-29 13:37:10 · answer #1 · answered by downsouthfunster 1 · 0⤊ 0⤋
If they haven't signed the agreement, there is a good chance they're not going to. They're going to keep the van AND try to get money, and it will go on your credit report. This happened to me with a Ford Escort. It's been more than 7 years so it's off my credit report now. They called for 5 years, saying things like "you're looking at 8 months!" And when I said "8 months of what?" They said "8 months to pay us or else!" I just laughed and told them to sue me. If they had had a real case I guess they would have, but they never did.
About your note - I'd be very surprised if you ever see that van again even if you change your mind. It's gone.
2006-10-29 13:19:37 · answer #2 · answered by Kacky 7 · 0⤊ 0⤋
If they decide that the van is not worth what you owe for it you may owe them some outstanding amount. Be sure to study up on your states legislation on such an issue. You might be better to sell the van yourself which may be difficult since they have possession or it. If you cannot agree on the amount offered you may have the van independantly appraised. Stay sharp they may take advantage of you in this circumstance.
2006-10-29 13:21:49 · answer #3 · answered by Kenneth H 5 · 0⤊ 0⤋
Sounds like default on a loan to me.
2006-10-29 13:24:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
it is still a repo an I-8 instead of a 9 but still a repo
2006-10-29 13:24:27 · answer #5 · answered by worldstiti 7 · 0⤊ 0⤋