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What do I do with the title during a voluntary repossession?
I am going take my car in but I don't know whether I should give them the title there or wait for them to send me paperwork over it. I know that I do not need to sign anything when I turn in the car, so I am thinking that I should wait until they send me paperwork over the car to turn in the title?
3 Answers
- 1 decade agoFavorite Answer
Since you still have a lien holder on the title, you can give them the title when you deliver the car to them. They will not release the lien, because you have not paid the loan in full. However, be sure to get a receipt for the car and title showing they now have the car in their possession. This will be your proof that the car (collateral) was delivered to them. I'm sorry you have to give it up. Good luck!
- 1 decade ago
turn the title over, it no longer will be your car, make a copy of it first, and get a receipt from the dealership, don't play games with the dmv
- J E T H R OLv 71 decade ago
Just give them the title. And start looking for a job. Because they will bill you for the balance on the loan when they sell the car. Giving it back doesn't relieve you of the debt...............You still get to pay for the loan.................&&&