Asked 8/16/2008
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Can a bank refuse a voluntary car repo? Bank insists consumer sell car, will not accept car as voluntary repo |
Answer 1/1 - Submitted 6/29/2009
Yes, Lien holders almost always loose money on repossessions. If the lien holder feels that they will loose more money by repossessing the vehicle versus not, then they do not have to repossess the vehicle. The lien holder has to pay a repossession company to pick up the vehicle. Then pay a transport company to transport it to auction. then pay the auction to clean the vehicle, and then again to run it through the auction. If the vehicle will not sell at auction for more then the above fees, then they are better off abandoning the vehicle.
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