This question is for banks, credit unions, finance companies but welcome feedback from all.
You have a vehicle loan that has been signed for by a debtor who in turn 'gives' it to a third party to drive and make the payments. The third party eventually quits making payments. You contact the debtor for payment who wants to surrender the vehicle because debtor cannot afford to pay for it either. No one has been in contact with the third party. Do you assign this out as a voluntary?
In my opinion, this would need to be assigned out as an Involuntary since third party has not agreed to surrender the vehicle.
You have a vehicle loan that has been signed for by a debtor who in turn 'gives' it to a third party to drive and make the payments. The third party eventually quits making payments. You contact the debtor for payment who wants to surrender the vehicle because debtor cannot afford to pay for it either. No one has been in contact with the third party. Do you assign this out as a voluntary?
In my opinion, this would need to be assigned out as an Involuntary since third party has not agreed to surrender the vehicle.
Comment