I recently purchased a car and thinking about doing a voluntary repossession. I am in the state of nc, what are my options?
2007-10-17 11:10:46 · 13 answers · asked by Single123 3 in Cars & Transportation ➔ Buying & Selling
just sell it
2007-10-17 11:14:11 · answer #1 · answered by mrsdebra1966 7 · 0⤊ 0⤋
You can indeed do that. The drawback is that, after the car is repossessed and resold, if there is money left owing, you will be responsible for that. And they will definitely sell the car at bottom dollar, just to get rid of it. If you are "upside down" in the car (owe more than the resale value) you will still owe the difference between what you owed and what they resold it for.
2007-10-17 18:20:49 · answer #2 · answered by claudiacake 7 · 0⤊ 0⤋
Repo is the same whether voluntary or forced. Ruins your credit for 7 years and you are responsible for the cost of the repo (towing, storage, administrative, etc) and the difference of the loan after sale.
Best option is not to repo..... try to sell it or have others take over the payments. Or sell it to Carmax and pay the difference. It will at least save your credit.
2007-10-17 18:14:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Just for your info, having something repossessed is a BAD thing ! It would be on your credit history and will stop you from getting anything else you might want/need. Such as a place to live , another car ect...... So you might look in to other options if you can.... Wish you luck !
2007-10-17 18:17:51 · answer #4 · answered by Midnights snow 3 · 0⤊ 0⤋
It will mess up your credit and you could be charged a repossession fee.Also if the car sells for less than you owe you could be responsible for the difference.
2007-10-17 18:23:20 · answer #5 · answered by kenny 3 · 0⤊ 0⤋
Please don't take this personally.
Are you a fool?
Did you not plan ahead before you overextended yourself? I think I already know the answer to this. If the car gets repossessed, you are screwed.
Get a second job, even if it means working at McDonalds, keep the payments up and try to sell it. You were adult enough to buy the car, now be adult enough to be responsible for your decision.
2007-10-17 18:16:04 · answer #6 · answered by wooper 5 · 0⤊ 0⤋
Either way voluntary or involuntary doesnt matter on your credit. Call the bank and see if they want to work with you on payments or something to that nature. If not tell them where it's located and that they can pick it up. They will send someone to get it.
2007-10-17 18:13:37 · answer #7 · answered by MazdaMatt 5 · 1⤊ 0⤋
You can, but it still shows up on your credit report as a repo. Not good. You could sell it and pay off the loan. That would be the best way to get rid of it.
2007-10-17 18:13:50 · answer #8 · answered by tanam73 3 · 0⤊ 0⤋
Call the loan company and ask them. You will still owe the money though, unless you go thru bankrupcy and even then, you might have to pay back part of the money owed (if chapter 13).
2007-10-17 18:13:33 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Up to your lender. You will probably get stuck for whatever balance isn't covered by sale of the car.
2007-10-17 18:14:01 · answer #10 · answered by wizjp 7 · 0⤊ 0⤋
why on earth would you do that? just sell the car and pay the bank back what you owe.
2007-10-17 18:14:33 · answer #11 · answered by stephanie 4 · 0⤊ 0⤋