No able to make payments... Repo..?

Question

I wanted to know if any one has ever had to give their car to back the bank due to a loss of a job and not able to make the payments any more. I have lost my job and I am not able to make my car payments anymore. How do I got about returning the vechile to the auto loan place? And what should I expect after that?

Answer 1

Repossession is a serious matter and will effect you now and in the future. Your best bet is to sell the car yourself and pay off the loan.

If you voluntarily repossess the vehicle (return it to the lender) they will sell the car either at an auction or at some type of public sale and apply the funds toward the car. Any balance remaining on the loan after these funds have been applied is STILL YOUR RESPONSIBILITY. The remaining balance is called the deficiency balance and you are fully liable for it. The creditor will pursue you for this debt.

One thing that a lot of people don't seem to understand is that the lender loaned them money and took a lien on the vehicle as security. The loan and the vehicle are 2 separate items in the eyes of the law. The vehicle was collateral but the loan was made to you. They now have the collateral back and have disposed of it in a commercially reasonable manner but you are still responsible for the outstanding loan amount.

Answer 2

You can call the bank that financed the car and they will tell you what to do. It will show up as a voluntary repo on your credit, which pretty much means the same as a repo. It will stay on your credit for seven years.

If I were you, I would see if the bank would be willing to work something out with you. Possibly give you a couple of months to find a job and then get caught up on your payments after you start working again. A couple of 30 days lates on your credit report is much better then a repo. Some banks will try to work with you and it doesn't hurt to ask.

Good luck to you.

Answer 3

Voluntaring repos mean that the bank takes the car and sells it themselves (usually for a very low price at an auction) You will owe the remainder of the loan (eg- you owe $10,000 for the car and they auction it for $4000- you'll still owe $6000 to them and have no car)

Your best bet would probably be to try and sell it yourself and hope you'll be able to pay off the loan. Good luck.

Answer 4

The financial company will repo the boat, sell it at public sale, and are available once you for the unpaid stability. the quantity would be sufficiently huge tht they're going to take you to courtroom and get a judgment. Then they're going to connect your financial company account, garnish your wages, and/or placed a lein on your place. have you ever tried to sell the boat? despite while you are the different way up on your person loan, you may probable sell it for better than it is going to deliver at public sale. you actual would desire to re-evaluate your spending behavior. particular looks such as you're living previous your skill. it's time to be taught the adaptation between desire and desire.

Answer 5

you can get a 0% credit card and pay the car payments. by the time that the 0% offer is over, probably you have a job or if not, you can apply for another 0% credit card. There is a great website that you can apply for a 0% credit card and it's guaranteed : http://links.ncsreporting.com/redirect.aspx?cr=100075&of=10&af=122780&ac=100

Answer 6

Call your bank up, they hate repoing cars. I could cost them lots of money in the long run too. do not do nothing and get it roped it will majorly ruin you credit.

good luck and wish you the best

Answer 7

you take the car back to the car dealer and tell them you can not pay for it anymore. This is a voluntary repossession and will show on your credit report as that.