Vehicle Repossession or Voluntary Surrender. What Is The Best Option?

: Chris Lee Law Firm

  Filed under: Loans

vehicle, repo, repossession, voluntary surrender, attorney, attorneys, lawyer, lawyers, texas, tx, bankruptcy, student loan, employer, texas, tx, dallas, wichita falls, hurst, fort worth,While everyone likes to believe that it can never happen to them, the truth of the matter is that financial disaster can and does happen to people from all walks of life and can strike at any time. A sudden illness or an unexpected job loss can prove devastating to just about anyone even those who think their financial house of cards is in order.

Suppose you have just purchased a new car and then find yourself in the midst of a financial crisis and can no longer make the monthly payments on the vehicle. What is a better option, to have the company repossess the vehicle or to voluntarily surrender the car back to the dealer? The main thing to consider in this situation is that no matter what the car is going to be going back to the dealer one way or another. If the company is forced to go to the hassle of repossessing the vehicle they will be forced to expend money doing so. Those charges, the fee for the re-possessor, the towing costs and other possible charges like storage can also be applied to the debtor in many cases. For this reason it may well be better to voluntarily surrender the vehicle. Another consideration is that by surrendering the vehicle you will know when the car will be going back to the dealer.

That would be much better than coming out of the grocery store and realizing that they have re-possessed the vehicle while you were shopping. Talk to a qualified bankruptcy attorney to get any advice you may need on this and any other related subject. If you are facing repossession, many times filing bankruptcy can help you keep your automobile safe.


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