May 29, 2007 by texasjeepgirl1987 | Posted in Personal Finance
I am trying to get out of debt. I have a vehicle that I purhcased last August and still have $9,300 left to pay. Kelly Blue Book listed it as worth $8,200 in good condition if I sell it to a private party, and of course much less if I do an auto trade.
I would not recommend this. When you give the car back to the lender voluntarly, it's going to give your credit a big hit. Then the lender will probably sell the car for much less than what you could have sold it for. Then, they will come after you
Chris G | Jun 02, 2007
You will end up paying anyway. Voluntary repo leaves you with the deficency balance between what the car has left in payments and what it sells for. Goes on your credit anyway and will make getting a replacement a real mess.
Sell the car.
wizjp | May 29, 2007
How will a voluntary repossession affect my credit?
Sep 25, 2007 by dimplefaceddoll2002 | Posted in Personal Finance
I took out an auto loan for my brother to get a car last Feb. He failed to pay, so I took the car back and have been making payments for the last three months. I've listed the car for sale several times on Ebay, in the local newspaper, and now on autotrader
The answer is yes. A repossession of any kind, although voluntary, will negatively affect your credit. After repossession, the bank will most likely auction the vehicle in a dealers only auction. It is very unlikely that the vehicle will for sell any
marvinjwilson | Sep 28, 2007
Voluntary Repossession & Deficiency Balances Video | Bills.com
www.bills.com Co-CEO of Bills.com, Brad Stroh, discusses voluntary repossession and other financial options available to consumers looking for ...
Lenders regret scaling back of mortgage rescue
01.06.11
The CML regrets that lessons learned in the development of the government’s mortgage rescue initiative.
Some of which were outlined in a recent report by the National Audit Office – will not be put into practice permanently in a properly funded and nationally administered scheme, report the Council of Mortgage Lenders.
The recent NAO report criticised the Department for Communities and Local Government in its development of mortgage rescue for:
- failing to help the predicted number of households;
Creator: Rhodes, Nadine Smith | Business & Economics - 2008-04-24
Consider Voluntary Repossession If you receive a warning and you know you cannot
make good on your payments, you need to face the fact that your vehicle ...
Creator: John Ventura | Business & Economics - 2008-01-01
Give your car back to the lender in a voluntary repossession. Although a
voluntary repossession means that a repo man won't take your car, the process
that ...
Publisher: Dp Group Inc
Have my car repossessed or what? | The Gulf Of Mexico Oil Spill ...
Ok…. So I am financing a 2002 Chrysler Concorde LX. I have only had it since February. Two days ago on the way to the beach out of no where my car makes this sound like rock in a coffee can being shook around violently, I was gonna pull over but I was in a bend and a cliff was on my side (If you been to Oregon you know what I mean). So I got around the bend going about 30 at the fastest as my car was violently shaking and a split second later the engine light came on, oil spilled out and a thick black cloud of smoke was flowing out from under the hood then I go uncontrollably into a shallow ditch. I had to spend $300 to get it towed 21 miles cuz it was $100 hookup fee plus $5 a mile and an off hour/ weekend fee to go 20 miles into the nearest town (Very small town with one tow company). I was gonna have my car towed to home, about 150 miles from home, but that would have cost over $740. So I rented a U-Haul and car trailer for $255 and did it my self. Our jobs have recently gone south so that money was for our insurance and car payment ( When we bought car we had GREAT good steady and long lasting jobs we thought). So now I have no money for insurance or car payment. I would just cancel my insurance and leave it in my garage, but since I am financing it that is illegal and I don’t go that way. The car financing place said I could do a voluntary repossession where they fix it and auction to try and pay for what is left on my loan, or I pay what they didn’t get. Basically I need to know what should I do? I was told to just fix it up, but I can’t fix it nor can I pay the payments on it…. Any suggestions??
Repossession would be reported to your credit file for up to seven years, and that's it. You do need to understand that if you opt for a voluntary repossession, the finance company may sell your car to the first taker, then hold you financially
debt management plans to be able to handle repaying what they owe. For families who owe £15000 or more, individual voluntary arrangements could be an option, given that they can protect you against repossession, a vital consideration for homeowners .
"The mortgage rescue scheme was set up…with the laudable aim of helping the most vulnerable home-owners at immediate risk of repossession. "However, the department was wrong about the help people really wanted…the scheme has helped fewer than half
In the process those who become eventual victims create opportunities for president Jammeh to lay solid hands on available land through the created scheme of repossession. Commercial private ownership of landed property is very much threatening
Individual voluntary arrangements can help end such a situation, with interest frozen, homes protected from repossession and a new schedule of reduced – and therefore more manageable payments – enabling those in deep debt to see light at the end of the
