What's the Difference Between Voluntary and Involuntary Repossession?

What's the Difference Between Voluntary and Involuntary Repossession?

Keep reading to learn more about vehicle repossession in Salisbury, Statesville & Cleveland, NC

If you've missed one or more car payments, your creditor can hire Twisted Cable Towing or another towing company to haul your vehicle to their location. The exact amount you can miss should be stated in your loan document, but your lender can still choose to repossess your vehicle if you miss even one payment.

For involuntary repossession, your lender can take your vehicle at any time and resell it at an auction. This option is more extreme since some people have had altercations with the towing company trying to take their vehicle.

Contact us today to learn more about involuntary vehicle repossession in Cleveland, Salisbury & Statesville North Carolina.

So what about voluntary repossession?

If you know you can't keep paying for your vehicle, you can choose to surrender it to the lender. Just contact them, explain your situation and return the car yourself. This method is preferred because it:

Creates transparency between you and your lender
Allows you to choose when you hand over your vehicle
Can reduce stress and unpleasant interactions between you and a towing company
Cuts costs for you and your lender

So if you don't want Twisted Cable Towing or another company taking your car randomly, we recommend this option.

Call us now to find out more about voluntary repossession in Cleveland, Salisbury & Statesville, NC