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How does Voluntary Repossession work in California for vehicles?
How does voluntary repossession work in California? I bought an expensive car I can no longer afford now that I am unemployed.
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Answers (1)
To be sure you are handling the voluntary repossession properly, you should contact a local attorney for advice. First, let your lawyer know if you think there’s any way you can continue making minimal monthly payments on the car. It’s possible the finance company will temporarily accept lower monthly payments if you’re able to catch up with the payments you have already missed. However, assuming you really can’t afford to keep making any monthly payments, you will obviously need to return the vehicle in the best condition possible to the proper carfinancing representative, along with your keys and title showing the financing company’s lien on the car. When you first meet with your lawyer, be sure to take with you any formal notices you may have received about your payment deficiencies.
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Posted by Elizabeth Smith on 22 Jan 2010
1 person found this useful
(2 Votes)