Q: How can I enforce a bank out of state to pick up a vehicle in which I want to surrender or voluntarily repossess?
A:
Why do you want to do this? There is no difference between a voluntary and involuntary repossession. I am not sure why a debtor would want to do this.
If you wish to surrender your vehicle, you could try returning it to a dealer who deals in that make of vehicle or where you bought the vehicle.
The result will be the same - the vehicle will be hauled off to auction and sold for a fraction of the price. You will them be held liable for collection and sale costs and the balance owed on the vehicle minus the proceeds of the sale.
Don't do this. Its better if you can sell the vehicle to a private party if the vehicle is worth what is owed. If the vehicle is worth less, then I would keep driving as long as you can. Hopefully, if you cannot afford the payments you may be able to enter into a settlement of the balance at some point. Or, depending on your circumstances, you might be able to file bankruptcy and get the terms of the agreement modified. Any of these solutions are better than just giving the car back. The only exception might be if the person who owed on the car died, the estate for the dead person is insolvent and the heir does not want the car or the loan obligation.
A:
Why do you want to do this? There is no difference between a voluntary and involuntary repossession. I am not sure why a debtor would want to do this.
If you wish to surrender your vehicle, you could try returning it to a dealer who deals in that make of vehicle or where you bought the vehicle.
The result will be the same - the vehicle will be hauled off to auction and sold for a fraction of the price. You will them be held liable for collection and sale costs and the balance owed on the vehicle minus the proceeds of the sale.
Don't do this. Its better if you can sell the vehicle to a private party if the vehicle is worth what is owed. If the vehicle is worth less, then I would keep driving as long as you can. Hopefully, if you cannot afford the payments you may be able to enter into a settlement of the balance at some point. Or, depending on your circumstances, you might be able to file bankruptcy and get the terms of the agreement modified. Any of these solutions are better than just giving the car back. The only exception might be if the person who owed on the car died, the estate for the dead person is insolvent and the heir does not want the car or the loan obligation.
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