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.

excon

Hello dj:

Whether you give it to them, or they take it, you're going to owe the balance due after they auction it.

excon

Fr_Chuck

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

CaptainForest

Best advice:

Don’t let them repo it.

Sell it yourself since you will sell it for more then the bank will, most likely.

siva2006

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.

s_cianci

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.

anhng

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

Brokemont

I know this is a old message board but I need to know if there is anything that can be done. Our Jeep was repo'ed the band would not let us sell it. The loan was $7500 the value is $7500..they sold it for $1000????? And Over $6000 is due? Please help!

excon

Hello Broke:

You COULD have started your OWN thread to ask your question... Maybe some mod will move it...

If the band wouldn't let you sell it, then I'd get the money from the band. If YOU were the one on the loan, then I wouldn't have listened to the band.

excon

Brokemont

Sorry BANK but they are a band of crooks..the BANK is Chase! What happened to their bail out? Look for my new post thanks