Announcement

Collapse
No announcement yet.

Repossessing from a third party

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • SeaKelly
    started a topic Repossessing from a third party

    Repossessing from a third party

    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.

  • Carmikenc
    replied
    invol

    Leave a comment:


  • absoluterepo
    replied
    Originally posted by Lplplp View Post

    It's not stolen...it was given to the third party. Good luck getting State Farm to pay that.

    But yes it should be invol. I had a lender that would call the debtors and tell them they were picking up the car and send it over as a voluntary. It didn't matter if the debtor told them NO or what they could do to their mother they still sent it over because the "debtor was aware". It only took a time or two to realize what they were doing and the lender got worked up because we were actually calling to arrange the surrender with the debtor. Go figure. Anyway I know you didn't ask for everyones crazy lender stories over vols or invols so who knows where this thread will go now. Hopefully I didn't drive it off the cliff for you. Sorry.
    I agree that usually this is the way the law looks at reporting a car"stolen", but rental car companies can report car stolen when they gave the car to the person... what if you have a car for sale and I come test drive and never come back, I would assume it can be reported stolen even though permission was given to drive it.

    Leave a comment:


  • SeaKelly
    replied
    If the debtor who is in possession of the vehicle contacts the lender and wishes to surrender it, then it is a Voluntary.

    Leave a comment:


  • clynnervin1
    replied
    There should no such term as " voluntary" in the repossession buisness, why should we transport a vehicle for half price ?.

    Leave a comment:


  • Lplplp
    replied
    Originally posted by alscode View Post
    Involuntary. Original debtor should contact third party if possiable to get the unit back, otherwise they should report it stolen and let their insurance payoff the car and let the cops handle the deadbeat ex-friend third party.

    It's not stolen...it was given to the third party. Good luck getting State Farm to pay that.

    But yes it should be invol. I had a lender that would call the debtors and tell them they were picking up the car and send it over as a voluntary. It didn't matter if the debtor told them NO or what they could do to their mother they still sent it over because the "debtor was aware". It only took a time or two to realize what they were doing and the lender got worked up because we were actually calling to arrange the surrender with the debtor. Go figure. Anyway I know you didn't ask for everyones crazy lender stories over vols or invols so who knows where this thread will go now. Hopefully I didn't drive it off the cliff for you. Sorry.

    Leave a comment:


  • JTDAMiami
    replied
    Originally posted by SeaKelly View Post
    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.

    http://www.merriam-webster.com/dictionary/voluntary

    vol·un·tary adjective \ˈvä-lən-ˌter-ē\

    : done or given because you want to and not because you are forced to : done or given by choice


    When you have to take it away it is not done so voluntarily now is it?

    Leave a comment:


  • alscode
    replied
    Involuntary. Original debtor should contact third party if possiable to get the unit back, otherwise they should report it stolen and let their insurance payoff the car and let the cops handle the deadbeat ex-friend third party.

    Leave a comment:


  • absoluterepo
    replied
    definitely invol.

    Leave a comment:


  • OhioRepo
    replied
    The scumbag forwarders who dont give a **** about the agents safety would. And then I have seen a few GOOD clients who will assign a VOL as an INVOL regardless.

    Leave a comment:


  • jclark
    replied
    Absolutely !!!

    Leave a comment:

Working...
X