The "voluntary repossession" allows the purchaser who has defaulted the loan to avoid having to pay a repossession fee of a few to several hundred dollars. That is the ONLY advantage to the purchaser.
The dealership has the vehicle back in it's possession and can unload it at an auction without having to pay a repossession fee to a repossession agent (because the purchaser "voluntarily" surrendered the vehicle).
Once a car is repossessed, voluntary or not, it is (at least in most states) sent to an auction to be sold and the proceeds applied to the outstanding debt of the borrower.
Usually, there are specialized auction houses dealing solely, or nearly solely with repossessed vehicles and the vehicles NEVER (that I'm aware of) bring anywhere close to the amount of the loan.
This is true because first, it is (1) a dealer only wholesale auction, (2) the vehicle is a "repo" and (3) the "retail" price previously paid by the purchaser/borrower is an amount greatly inflated over and above the actual "wholesale value" of the vehicle.
Used cars are available from many dealerships and individuals on the internet. Most of the dealerships offer some limited warrenty. If buying from an indvidual, it is important to determine if the factory warrenty would still be valid.
With enogh down payment, you can get a car with 10 repos. The more repos, the more DP needed. probably get a higher interest rate too.
Currently Toyota is offering low rate leases in Utah. Generally many auto manufacturer's are still reluctant to offer low lease rates due to the tight credit market.
Read your contract. In 99% of the repos , YES, you still owe the balance due.
yes, because it is still in business and still has dealerships and service departments.
It will save you some money BUT you will still have a repo on your CR.
Yes. If you signed the loan, you are still legally responsible for it.
Yes.
There are no newer models of Pontiac being produced anymore. Some dealerships may still have some newer models from last year or so that have not been sold, but as far as future models, no dealership sales any.
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
Volvo offers a full line of cars and sedans. They have a wide range of mid size and full size models. They also are one of the few firms to still offer a station wagon. They do not sell minivans or pick up trucks.
no they dont offer them now