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voluntary repossession of a vehicle

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  • voluntary repossession of a vehicle

    i have a vehicle that i owe more than its worth. and also my financial situation is that i can no longer afford to pay it. what are the legal consequences of this action

  • #2
    It is best to try to sell it and then pay off the extra amount still owing, and accept the loss. A repo will go on your credit report and leaves you liable for being sued on the balance after they sell the car. And they usually sell it for a greatly reduced price.


    • #3
      re: voluntary repossession of a vehicle

      We are in the process of bankruptcy and will probably be losing both our HOGS....I just can't bare someone backing up in my driveway with a toe tuck and taking them away..I will be so embarassed and mortified. Can we just bring them to bank that has the lien?????


      • #4
        re: voluntary repossession of a vehicle

        You can do that yes; or arrange to drop them off at whatever collector has been assigned.


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