Either one will drag down your credit scores, but there is a slight difference: A voluntary surrender shows up differently on your credit reports, and that might matter to somebody who reads through your report manually. You will end up responsible for the deficiency balance, after the car is auctioned, but a voluntary repo can protect you from costs associated with an involuntary repo. This was suspended because I repaid my arrears in full. This is what gives the lender the right to repossess the car if the … My son, in another state, has been driving the car since April. Some states require a title be placed in the lender’s name when a vehicle is repossessed. Santander got a repossession order in approximately June 2015. A voluntary repossession letter is sent when the consumer can no longer make payments on a secured loan.It is most commonly used for automobile loans. That said, the negative impact to your credit score from a repo on your credit reports won’t necessarily last the full seven years. Voluntary Car Repossession Process Gallery Beautiful photography of vehicle affect laws at work here Probably the best picture of affect laws affect credit that we could find This link for laws affect credit long is still working This link for affect credit long credit is still … If the sale price is less than your loan balance, you’re still responsible for the remaining balance. santander consumer usa harrased me, my family and workplace during the loan, i could not afford payments any longer and voluntarrally gave the car up. Santander located and repossessed it on 7/18. The settlement is in relation to the more than 1,100 repossessions that took … I called on 7/19 to ask about retrieving his personal property in the car and was asked if I wanted to redeem the vehicle. According to the Military Times, Santander Consumer USA Inc. agreed to pay upward of $9.5 million to servicemembers due to previous illegal vehicle repossessions under the SCRA. Voluntary Repossession Doesn’t Cancel out Your Loan . 2009 Ford Focus-bought in 2011, $1500 don pmt. The lender will auction or sell your vehicle and apply the sale proceeds to your loan. This may be the case with your title. Choose to do a voluntary repossession. can i get in trouble for a voluntary reposession that the car was auctioned off and i owe 6,000.00 i can not afford to pay . While SC makes every effort to place the title back into the registered owner’s name upon reinstatement of the loan, there are occasional situations which prevent us from doing so without participation of the registered owner. According to the Uniform Commercial Code (UCC) Article 9, which has been adopted by most states in some form, the lender has a security interest in the car. The majority of negative credit report items, including defaults and repossessions, should naturally fall off your credit report after seven years (some bankruptcies may remain on your reports as long as 10 years). Note was $300.10- I missed a few payments due to financial situations. A voluntary repossession is essentially the same thing as an involuntary one: a defaulted loan. Voluntary surrender or repo, either way, it goes on your credit as a repossession and they can pursue any remaining balance after they sell the car at auction. Santander Consumer USA Inc., its subsidiaries or affiliates are not responsible for the transaction, the outcome of the transaction or any information provided therein, provided that if Santander Consumer is chosen as the lender to finance the vehicle purchase, the financing will be performed by Santander … Turning in your vehicle doesn’t let you off the hook for your auto loan.   financed with Santander a little over $12,000. 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