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Once you click apply you will be directed to the issuer or partner's website where you may review the terms and conditions of the offer before applying.
We show a summary, not the full legal terms — and before applying you should understand the full terms of the offer as stated by the issuer or partner itself. While Experian Consumer Services uses reasonable efforts to present the most accurate information, all offer information is presented without warranty. Experian websites have been designed to support modern, up-to-date internet browsers. To make a voluntary repossession, you notify your lender you will no longer make payments and wish to return the car.
Your lender may ask you to drop the vehicle off at an agreed time and place, or they may send someone to repossess the vehicle from you. After repossession, the lender will sell the vehicle and send you a statement of realization. Included in this statement will be a calculation of how much you still owe called the deficiency or shortfall.
This number represents the difference between how much loan was remaining on the vehicle and how much the car was sold for. Your lender will also add in various fees, penalties and repossession costs. The deficiency becomes an unsecured debt that you are responsible to pay. The lender can sue you to collect, obtain a judgement in Court and pursue legal options like a wage garnishment.
They may also send the account to a collection agency. If you are filing a consumer proposal or bankruptcy to deal with your other debts like credit card debt, payday loans or tax debts, you can include the shortfall or deficiency on the loan balance in your filing.
Since an insolvency eliminates unsecured debt, this debt will be eliminated like any other. It is important to understand that for your car loan debt to be discharged in an insolvency you must surrender the vehicle either before or as part of the filing. You cannot decide to return the vehicle weeks or months after you file.
If you do, you will remain liable to pay any balance owing. When you voluntarily surrender a vehicle, you take the vehicle back to the lender on your own terms. You can usually contact the lender and they will work with you on a time to turn the vehicle back in. If the vehicle is non-voluntarily or involuntarily repossessed, they will come and get the vehicle on their terms.
The lender may not care when this is and it could even occur at night or at a time when you are not around. There are also fees associated with a repossession that you can avoid if you voluntarily surrender the vehicle.
When you surrender a vehicle, it will be sold again. The lender will then send you a bill for what is called a deficiency balance. This is the difference between the amount you owed on the vehicle and what they were able to sell the vehicle for.
This is the same thing that would occur if the lender had involuntarily repossessed your vehicle. So in the long run, you will be responsible for part of the loan if you voluntarily surrender your vehicle.
Depending on how much you owe on the vehicle and how much the lender resells the vehicle for will determine the deficiency balance. You will be responsible for the deficiency balance and the voluntary reposession will still show up on your credit report.
If you file for bankruptcy then you may be able to avoid the repossession appearing on your credit report if you file before the repossession and you can wipe out the deficiency balance on the vehicle. If you voluntary turn in the vehicle they are going to come after you for the deficiency balance. Depending on the terms of the financing, they may have cross collateralized the loan you had on one vehicle to your other primary vehicle.
Depending on how much the deficiency balance will end up being and whether you have other debts it may make sense to explore bankruptcy as an option. Contact an attorney, though, they can help walk you through the process. My car was broke and one day while I was out of town, my husband of only 3 months decided to call the finance company to voluntarily surrender the car to them.
When I was told what happened I contacted the finance company and they told me the car was auctioned and that I would need to come in to the office to sign the papers for the balance.
Good luck! I would see this response I gave to Chas. My husband refinanced two years ago his car with a credit union. Just now we noticed that the credit union is not reporting the loan to the credit bureaus.
We got that car in order to rebuild my husbands credit union and now we do t know what to do. If you let the vehicle go they can come after you guys for the deficiency balance. They also could negatively reflect that on his credit. If you have been making payments on time then request a payment history from the creditor and send that in to the credit bureaus requesting that they correctly show that payments have been made on the vehicle.
That should help build his credit if timely payments have been made. My husband and I voluntarily surrendered our RV when we entered Chapter 13 bankruptcy several years ago. We were never behind in our payments, but thought this was the right thing to do. Under the Chapter 13 agreement we are still paying the full balance of the loan.
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