How do you have your car voluntarily repossessed?

Call the lender and tell them due to certain circumstances, you can no longer afford the payments. Tell them you will take it back to the dealership and they can take it from there. If you don't want to bother taking it back to the dealer, tell the lender to send a tow for it.

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My mom voluntarily turned in her car and ten years later they came after her for the amount owed on the car.

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A repo is a repo is a repo.............I hate to tell you if they repo it and you owe 10 grand or you turn it...in guess what? you still owe 10 grand. There is very little diffence if any at all between a so called voluntary repo and a regular repo.Both still stay on your credit the same amount of time.

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the only way to get out of owing for that car again in this lifetime is to file chapter 7 period!!!! that will get you out of owing the money for what they don't get at auction.. and they won't get the money you owe at auction and you need to know that!!!! they will get pennies on the dollar!!! and you will end up owing for the rest of that loan...

best thing to do is to call your bank and tell them you need to work this out and pay for the car some kind of way.. if you simply can not do that then you can't!!!! but know that the only thing you are doing by calling them and voluntarily giving the car up is saving a repo man some headache... that's it!!!

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Payment plans are not feasible for the clients I work with who do voluntary repos. If could afford these plans they would have kept up with their regular payments. My clients have all been harrassed by collections agencies and some have been taken to court. And yes, the repo does stay on your credit report for seven years, which also the minimum time a judgment will remain as well. But in some cases, the voluntary repo is the best or only choice.

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.

Talking with Your Creditor-- Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later.

By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property.

Selling the Car--Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. The sale price might not be the highest possible price - or even what you may consider a good price.

Paying the Deficiency--A deficiency is any amount you still owe on your contract after your creditor 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 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 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.

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Ya know ? I really could care less what the lender does to me. Come get the car and I am done - whether they think I am or not - I AM ! They cant get blood from a stone - they want me to sign papers to relinquish the car and I was like yeah right NOT !! You want it - lets play hide and seek ! I wasn't going to do this til I got 12 days - 12 WHOLE days past due and after the 5th time they called me every 12 hours and what part of I HAVE BEEN OUT OF WORK FOR FIVE MONTHS and I jsut got back to work - didnt they quite get - I said ya know what ? Fine - lets play a game - lets play hide and go seek - I hide the car and you find it. The interest rate I am paying which is horrible I have opaid for that car in FULL and they can kiss my butt - I really dont care - I am taking my car payments and paying CASH for a car

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There is a new law that states when you file for bankruptcy, they cannot take your car or your home to pay your past debts.

Be aware that the car salesmen will try to sell it to a "private" buyer (their junker) so they can get around some of those legalities. Also, they will not easily tell you where the car is gonna be sold because they know they lose the money from the sale if you know the law states that money is yours.

I have to agree with the feelings of the last person--the car salesmen and dealer owners just screw us over every time. They are awful! They are heartless, greedy s.o.b.s just like most bankers these days. I am sure there is a special place in h-e-double-hockey-sticks for them. They are A #1 A-holes and the laws need to change to stick it to them for a change!

------------------------------------------------------------------------------------------------------------I Do have to Agree with the Statement of the second to Last person that posted I to have had my Car towed just this last week as i have called them 4 days before telling them that i would have Money for them on Friday and they towed the car on Thursday the Day before i was going to give them some Money. NOW i have caught up on the payments byt they was over 600 Dollars for the Repo Man!!! and i just Dont have it was So upset that i am going to mail them the keys and Tell them to Keep the Damn thing. i have been sooo fed up with American General Dont ever go though them !!1

First answer by Clay. Last edit by Dvddmc. Contributor trust: 0 [recommend contributor]. Question popularity: 868 [recommend question]