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Repossession Of A Car Article
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Points To Consider About Voluntary Auto Repossession
from:When a buyer is not capable of making the payments for his automobile, he may give the auto back to the lender. That means that the buyer has completed a voluntary auto repossession. This action could relive the consumer of some debt but only if the lender chooses to do so. However it does not usually mean the lender is completely relived of all financial responsibilities. Sometimes voluntary auto repossession is just as bad as involuntary auto repossession. The damage to your credit will be the same and it can be listed as a negative mark on your credit that can be reported for up to seven years. The consumer may even owe money to the lender after the voluntary auto repossession has transpired. The consumer will still be responsible for any late fees and attorney's fees incurred by the lender. If at all possible the individual may wish to consider selling the car and paying off the lender and the vehicle will typically bring more cash through a private sale than it would a repossession auction.
When the consumer feels that he is financially incapable of keeping payments current for the automobile there may be other options besides voluntary auto repossession. Keeping the line of communication open with the lender will work in the favor of the consumer. If the lender has been made aware of the consumer’s situation and his intent to pay, the lender may be more willing to modify the original contract. If the consumer is able to have the contract modified, all changes should be in writing so that all parties’ responsibilities are clear.
If the consumer has not been successful with a private sale and the voluntary auto repossession must occur, the creditor may keep the vehicle for compensation of the debt or they may sell it. It is a requirement of some states that they notify the consumer what will occur with the automobile. If the automobile is being sold at a public sale the consumer should be in attendance to ensure that the automobile is being sold for the best price. If the car is being sold at a private sale the consumer should be made aware of the date. The rules vary from state to state but if the automobile is not sold in a manner and at a price that is considered to be reasonable it may allow the consumer to file a claim against the lender for damages. If the consumer feels the vehicle was sold for less than a fair market value he or she may be able to use that as a defense in court to avoid having to pay the difference between the sale price and the outstanding loan amount.
A voluntary auto repossession does not have to be as bad as it seems. The consumer has options to help solve their credit history problems.
Repossession Of A Car News
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The repo man is never popular, but he has a job to do - CBS 21
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Car dealer arrested for auto theft - Catskill Daily Mail
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Man angry over repossession pulls stun gun - WTNH
Man angry over repossession pulls stun gun WTNH (WTNH) -- A man was arrested for threatening another man with a stun gun after his car was repossessed Saturday. The incident occurred just before noon, at the Lucky 7's Auto Sales, located at 23 Bernhard Road, New Haven. An officer was sent to the ... Police: Man Threatened Business Owner With Stun Gun After Repo |
Man arrested after threatening to use stun-gun on car lot owner for ... - New Haven Register
Man arrested after threatening to use stun-gun on car lot owner for ... New Haven Register By Mark Zaretsky, Register Staff NEW HAVEN — A man who was upset about his car being repossessed had bigger problems to contend with Saturday after he failed to heed police warnings that he take the matter up with the finance company rather than the ... |