Out of sheer curiousity...not planning to do this!

Ok, so I know that in a voluntary repossession you basically hand the car back to on an agreed upon day and essentially you are saying you can't pay for it and you'd rather not go through the trouble of them hunting you down. Once they have the car, they'll most likely auction it off for whatever they can get. After this, point, however, is where things get kind of cloudy...does come after you for the remainder owed (I'm assuming so)? If they do, is the amount left over to be paid have to be paid in one lump sum or can a payment plan be worked out?

Has anyone gone through this? Especially with ?

Thanks for your input.

 

Can you prove that Mitsu sold you the vehicle, knowing that with payments, it would make your survival Sota speak, A hardship ?If so you can walk away from that scot free. If Not i believe you have to notify your finance company, that you have released the vehicle to your dealer. Voluntary or not a repo is a repo, all is on the Finance company, they will get their money , doubtful that they will come after you. My sister got her car repo'd twice and no financle reprocution, from it at all. Good Luck

 

Here's a link: http://www.jag.navy.mil/documents/repossession.pdf

 

Any repossession will destroy your credit so I wouldn't reccomend letting that happen. If you want or need to get rid of the car I would reccomend selling it privately as auction value is always substansially less. The remaining amount you can refinance with another bank and in any event you would be responsible for any remaining principle due on the original loan unless you don't mind it going into collections.

 

make it disappear....
is another choice...

 

...probably the best choice but I didnt just say that. I hear a lot of cars are accidently left in drive after getting out of a car near a cliff.

 

Park it on ice if you arent in it and it falls through then it is comprehensive damage and wont go against your insurance.
If you are driving and go through the ice it is considered collision damage and you will PAY!

If you live where it gets cold you can start a fire underneath it to "Warm up the engine" and burn it to the ground, also considered comprehensive IE: not your fault you're stupid...lmao
im in the biz i know all the hoops.

If you have to get wood for your house and you drop a tree on your car... Comp.
Anything that is your fault cause ur stupid is comp.
and thats great!

 

I am a mortgage banker and I view credit reports all the time. Voluntary repos always have a balance owed because the auction price is lower than what you owed at the time you gave it back.

I am sure the finance company would be willing to strike a deal for the balance, but I have yet to see a person pay up. If you couldn't pay for the car while you owned it, why would you pay for it after you turn it in?

 

Man sometimes I wish I was stupid too bad I have morals, oh well.

 

If they sell the care at auction and get what you owe, there is USUALLY no negative impact to your credit. If they get LESS then you must pay it or get slapped on the old credit report. By the way, a car repo is not like a house foreclosure. If they sell it for more you don't get the money.

 

If you do turn it in, dont pay the balance that you owe the finance company because it makes no difference on your credit. after a year or so of sending you bills for the diff of what you owed on it and what they actioned it off for they will send you a 1099C form to claim on your taxes. Basically it means you tack on what you owe the finance company to what you made that year and they wont bother you anymore. Or you park it in a mexican airport parking lot and call it in stolen from your house.

 

well, let's say you call it in stolen...how will the insurance company put a value on your car? Let's say they say it's worth 25000 and you still owe 28000 (just for easy math)...would you still owe your bank 3k????

 

Not if you have gap insurance which takes care of that..well $3K gap. Very smart idea if you owe more than a cars worth.

 

how do you obtain gap insurance? can I get it through my regular car insurance company?

 

yeah every car insurance company I've ever had has had it.