Announcement

Collapse
No announcement yet.

voluntary repossession of a vehicle

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

  • 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.

    Comment


    • #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?????

      Comment


      • #4
        re: voluntary repossession of a vehicle

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

        Comment

        Previously entered content was automatically saved. Restore or Discard.
        Auto-Saved
        Smile :) Stick Out Tongue :p Wink ;) Mad :mad: Big Grin :D Frown :( Embarrassment :o Confused :confused: Roll Eyes (Sarcastic) :rolleyes: Cool :cool: EEK! :eek:
        x

        Do cats say meow or mooo?... (write the answer twice with an "@" between the words)

        widgetinstance 213 (Related Topics) skipped due to lack of content & hide_module_if_empty option.
        Working...
        X