Is There a Difference Between Voluntary and Involuntary Repossession?
their family – the choice is clear, they do not make the car payment. This is a very difficult decision and for most consumers is the beginning of the road to repossession. Unfortunately, many car owners believe that they have several months before a lien holder will take action to repossess the vehicle. Or, they mistakenly believe they have a grace period to make payments. However, the reality is you may have grace periods before a late fee is charged but there are NO grace periods to make a payment; payments are considered delinquent the day after they are due and a vehicle may be repossessed after any late payment. Most lien holders will work with a consumer before taking repossession action but it is imperative that consumers understand that lien holders may repossess a vehicle as soon as a consumer does not pay any payment on or before its due date. Many people believe that if they voluntarily return their vehicle to the lien holder that this is not considered repossession. This i
