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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
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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. -
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
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re: voluntary repossession of a vehicle
You can do that yes; or arrange to drop them off at whatever collector has been assigned.Comment
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