How do you have your car voluntarily repossessed?

Answer :
Call your lender and tell them you want to give up the car and you want it picked up. It's that simple.

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I recently voluntarily repossessed a car that I had purchased for a guy that is now an "ex" who quit making payment. I simiply called the loan instituion and gave permisssion for them to repossed the vehicle. It was as easy as that. It had to go through an authorization process but was repossesed. I hope this was of some help.

Answer :
Call the lender and tell them due to certain circumstances, you can no longer afford the payments. Tell them you will take it back to the dealership and they can take it from there. If you don't want to bother taking it back to the dealer, tell the lender to send a tow for it.

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My mom voluntarily turned in her car and ten years later they came after her for the amount owed on the car.

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A repo is a repo is a repo.............I hate to tell you if they repo it and you owe 10 grand or you turn it...in guess what? you still owe 10 grand. There is very little diffence if any at all between a so called voluntary repo and a regular repo.Both still stay on your credit the same amount of time.


Answer :
exactly whether you turn it in your ownself or they come and pick it up it is all the same thing!!!! don't think you will get brownie points with your lending institution for calling them and telling them to come and get it!!! it's all treated the same way!!!

the only way to get out of owing for that car again in this lifetime is to file chapter 7 period!!!! that will get you out of owing the money for what they don't get at auction.. and they won't get the money you owe at auction and you need to know that!!!! they will get pennies on the dollar!!! and you will end up owing for the rest of that loan...

best thing to do is to call your bank and tell them you need to work this out and pay for the car some kind of way.. if you simply can not do that then you can't!!!! but know that the only thing you are doing by calling them and voluntarily giving the car up is saving a repo man some headache... that's it!!! and also know that if you do not want this to appear on your credit for an eternity you will have to file chapter 7.. I think most people are under the false impression that bad credit only stays on there for 7 years and that isn't true 7 years from the last reporting date and that is way longer then what most people think...they can report it forever so eventually it will be a mess that you will have to mop up!!! they could attach wages, taxes liens on real property and a whole mulitude of things so know that when a car gets repoed you will have to eventually contact an attoney and file

Answer :
It is not true that you will automatically have to file Chapter 7 bankruptcy once your car is repossessed and once it is sold at auction with you owing money. You can simply pay back the balance after sale. You can make arrangements at that time. I know...I have helped people make such arrangements.

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It is not 7 years from the last reporting date....It is 7 years from the point that the account is FIRST reported delinquent.

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Payment plans are not feasible for the clients I work with who do voluntary repos. If could afford these plans they would have kept up with their regular payments. My clients have all been harrassed by collections agencies and some have been taken to court. And yes, the repo does stay on your credit report for seven years, which also the minimum time a judgment will remain as well. But in some cases, the voluntary repo is the best or only choice.