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If you voluntarily let the bank Repossess a vehicle, will they still try to collect a Deficiency Balance? This pertaining to the State of Hawaii. Someone said if they come and Repo your vehicle, you don't have to pay the Deficiency Balance ?? But if you call the bank and tell them to pick it up, you do have to pay.
Yes, unless you work out and agree for them to take it back for payment in full.
But yes giving it back is still a repo , they sell it, and you owe the difference.
The main savings you don't have a large repo cost added to the bill.
ON many cars you will owe almost as much as you did with it, after you turn it back in. depending on what you owe and what the car sales for wholesale at the acution normally
Happened to me ... I couldn't afford my payments and asked the bank to repo it. Now they are after me. They sold it for 1/2 the price the car was worth. I owe them almost the full loan-amount I originally had with all the penalty+repo charges. Don't ask the bank to repo it. I had the car loan in NJ and now residing in Ontario. I was working in NJ.
You can be held responsible for any balance that's not recovered when the creditor re-sells your vehicle, whether you surrendered it voluntarily or not.
I lived in Texas trying to repossession the car. What if you dont have to money to pay deficient what they can do> Somone told me they can not garnish my pay. Please let me know if i dont want to pay deficient balance. Please help
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