Just a very nice way of saying Repossed..There is no difference besides the company saving $500 to $800 in repo fees...Once vehicle is sold at wholesale it will show what the defiency balance due is and then there collections department will either come at you in Court or just write it off...Will stay on Credit Report for 7 years and the balance remaining will show as charged off as well unless you make an arrangment to pay the balance off in full..In most cases the company will not remove from your credit report...Even after you pay the balance off..Balance remaining over $5000 could mean in Wage Garnishment or a lean being placed on your property and of course that depends on which state you do reside in...
Judgments, garnishments and liens are usually nothing to worry about They are usually pretty easy to get vacated. You just have to know how And that don't take a lot of study either
They sure can if you don't have all the money due out of the deal and/or out of your pocket. They have to release the title and they don't have to release the title unless they get all the money due them at the time of the sale.
I disagree. Sometimes you have to do what you have to do. So what? A blemish on your CR for a while...better to loose your house, or be put out on the street. So he is honest about it, much better than the embarrassment of loosing your vehicle in the middle of the night. Known bad is better than unexpected bad. My advice is to go ahead, you will not die, and one day your credit will be better. There are consequences but the value of the lesson will far outweigh the cost of the negative affects for the next few years. Again, sometimes you gotta do what you gotta do.
Beary, I'm not sure you understand. (If you do, pardon this posting.) If you voluntarily default, you may STILL OWE TWICE AS MUCH as you would owe if you simply sold the car and incurred a second debt for the remainder. Yes, I agree that sometimes you have to do what you have to do, but why in the world would you do something that would cause you MORE grief and would incure MORE debt? Again, simply returning the car (as a voluntary repossession) gets you NOTHING. It doesn't relieve you of debt. It doesn't preserve your credit rating. Zilch. Now, if you're making the argument that perhaps someone should do a voluntary repossession and then forget about the remaining debt, keep in mind that you're not just talking about one blot on your credit reports, but probably more: 1) defaulted loan, 2) judgement, 3) lien. If your plan is to default on a loan (which is not what I would advise, but in any case...), why not sell the car, incur a second small debt (perhaps credit card debt) to get out from under the upside-down auto loan, and then DEFAULT ON THE SMALLER LOAN, lol. I can't imagine ANY CASE where it would be advisable to simply ask for a repo, even if you didn't want to pay your debts, lol. Asking for a repo is like asking for adult circumcision -- who needs the pain when it's unnecessary at this point? Doc
Selling a vehicle in this economy is nothing short of a nightmare. That aside, if one is cornered enought to have to consider a voluntary repo, how then would they be able to finance the remainder of a balance with several late payments on the loan, and most likely late payments on current credit accounts? I agree with your logic does make sense, but there might be cases where it is just not practical in the situation. Its the double bite of being in arrears already with a vehicle payment...you're credit's gone down the shitter already and your cards are probably maxed. (but perhaps not always) It is important to exhaust all possibilities first to avoid a repo, most certainly.
Well, I appreciate the concession there, and I can see your point too, especially in the extreme example you mentioned. (I think we both solidly agree that if it's possible to avoid the voluntary repo, he shouldn't fall victim to thinking that once they have the car he'll have no more worries.) Doc
Wouldn't it be in the banks best interest to release the title in a sure deal that they would get some money than it would for Them to stay in in a deal where the person has no chance of paying them anything ? IF some one hinders you with your efforts to pay them the debt ought to be considered paid.
Can't argue with that, but the problem is that there is a difference between what ought to happen and what does happen.
Huh? I suspect lbrown59 would also support these positions as well: 1) If a creditor doesn't provide regular increases to ones line of credit, the entire debt should be considered paid in full. 2) If a credit card company is purchased by another credit card company, then its customers should enjoy six consecutive payment holidays interest-free. 3) If you pay more on your mortgage than is owed in any given month, the next month's payment should be automatically credited at no cost to the consumer. 4) If your grandmother had a beard, she would be your grandfather. 5) If you pay even $1 per month on a debt, that demonstrates a willingness to pay, so no penalties should be applied. 6) Consumers should be able to designate when any payment is due. 7) It should be against the law to charge anything more than 1% above prime. 8) All credit reporting agencies and scoring firms should be summarily closed, leaving creditors with no way to judge a potential debtor's ability to pay, and each applicant therefore should be judged individually and in accordance with claimed income. 9) Collection agencies should only be able to send one letter by regular U.S. Mail and should be required to cease all collection efforts following that single attempt. 10) Consumers should be able to voluntarily repo a car or home without any further attempt by the original creditor to collect the debt per the original agreement. Am I right, lbrown59? Let me hear an "Amen." Doc
Exsmple you owe me $1000 I'm on my way over to your place with it to give it to you. On my way there i get muged by somebody that you sent after me to steal the 1000. ? Do I still owe you 1000?
I love your examples -- they provide the kind of insight that really cuts to the heart of the matter. Here are a few more I think you'll appreciate: 1) If GMAC sends a hitman to kill me, will my unborn great-grandchildren still be responsible for the original debt? 2) While cutting up my Cobaltcard, I accidentally sliced off my thumb. Can I sue American Express? 3) In a particularly amorous moment, my wife poured melted chocolate over my body in the bathtub -- but she forgot to check the temperature first! Since she purchased the chocolate with her Quantumâ?¢ Card, do I have legal recourse against MBNA? 4) If I call Mr. Miller at Capital One and ask for a credit line increase, but he casts an evil spell over me instead, would I still be charged with a felony if I go rob the 7-11 that same day? Food for thought. Doc
This has nothing to do with what I said. You're way out in left field on this one.Worse yet it's the wrong field.
Now you are clear out of the field what woods are you lost in? Just answer the question do i still owe the 1000?
Yes. You still owe your debt. Your creditor, however -- if convicted of his crime -- will likely owe you far more when you win a civil suit. Doc
I will tell you this much..Fmcc, Gmac, Toyota,will not offer a lien release unless the loan is paid in FULL !! Sure you can sell the vehicle but the 3rd party would have to be HIGHLY unintelligent if he did not recieve the Title along with the car.
