https://thyblackman.com/2011/05/17/how-to-avoid-repossession-of-your-vehicle/ Black News 24/7 Online for the Black Community. Sat, 13 Apr 2024 04:21:01 +0000 hourly 1 https://wordpress.org/?v=6.9.4 https://thyblackman.com/2011/05/17/how-to-avoid-repossession-of-your-vehicle/comment-page-1/#comment-3498 Tue, 17 May 2011 17:50:17 +0000 http://thyblackman.com/?p=6947#comment-3498 If you were thinking, “just hide the car in the garage or at a friend’s house from the repo man”. Nope, try again. Concealment of collateral is a felony in most states. Illegally sub-leasing the vehicle to a third party is not an option. Here is what to do if the information above does not help you. Give the vehicle back to the Bank as a “Voluntary repossession”. The Bank will sell the car at an auction and you will only be responsible for the deficiency amount left on the loan. It beats getting sued for the vehicle and the entire balance. Including any interest you may have accrued. Banks do garnish wages by the way. And whatever you do don’t make matters worse by fighting with the repo man. He’s just doing his job and you could go to jail for assault. The police only get involved when the situation becomes violent. Good luck to you, remember it’s just a car!

]]> https://thyblackman.com/2011/05/17/how-to-avoid-repossession-of-your-vehicle/comment-page-1/#comment-3494 Tue, 17 May 2011 15:51:15 +0000 http://thyblackman.com/?p=6947#comment-3494 I like the fact that you mentioned how Credit Unions are a lot easier to work with when there is a crisis. Big banks are the enemy of the middle and lower class. There is a non-profit website at http://www.repofinder.com that provides information for helping get repossessions back.

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