Repo Man Question?

Question

I havent paid my car note in 45 days, Im sure that pretty soon I will be on the Repo list. Im thinking about just giving the car back as voluntary. If so do you think that this would look bad on your credit as voluntary and also will you still be obligated to still pay them back?

Answer 1

Yes, and yes.

Repossession is repossession, there is no such thing as a 'voluntary repossession.' Although if you turn it in you will save a little money in the long run because they won't have to pay someone to find, tow, and store the car which you would be responsible for.

Generally if you stay in contact with the bank and let them know what's going on, they won't think about repossession until 90 days have gone by and your 3 months late on payments.

If you turn it in, they will sell it at auction. Anything it sells for will be subtracted from your balance, and you are still obligated to pay that difference, plus interest.

You might try finding someone willing to take over your payments that would be acceptable to the bank, and get out from under your debt that way if you're not too far upside down.

Answer 2

A repo is a repo. But here is the thing. Since you are 45 past due the lender has that on your credit history as well. ie: 30 past.

I have seen lenders go light on a debtor when they cooperate with them such as clean the unit out, take the tags off and set it out front, call the lender and tell them where to find it.

Hope your luck gets better for the new year!

Answer 3

Yes, it will look bad on your credit history, it's still a repossession. You are still obligated for the total amount of the loan. They will sell your car at a discount, and you will have to pay the difference between the sales price and the payoff amount, plus extra fees.

Answer 4

A deficiency is any amount you still owe on your contract after your creditor or lessor sells the vehicle and applies the amount received to your unpaid obligation.

For example, if you owe $2,500 on the car and your creditor or lessor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor or lessor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.

Depending on your state’s law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing.

This may be your only opportunity to present any legal defense. If your creditor or lessor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense.

Answer 5

Giving the car back, whether voluntairly or involuntairly, is no different. In either case your credit report will show that you failed to pay the loan back as promised and your credit score will plummet.

Answer 6

Your credit will still show you didn't pay and that's not good.Now you can join the rest of the world in debt.

Answer 7

if you default you get screwed on credit. make payment arrangements immediately to save your car and your credit standing.

Answer 8

yes bad on your credit
yes, they will sell the auto and if it sells for less than you owe you will have to pay that amount

Answer 9

as long as you have paid over 33.33% they can't repo your car you can send it back if you hace paid over 50% this includes your deposit however you will need to pay outstanding paymnets