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Has anyone ever voluntarily surrendered a vehicle to Santander


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11 replies to this topic

#1 IKNEWBETTER

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Posted 18 July 2013 - 02:37 AM

I was unaware of the business practices of Santander when I financed a vehicle with them. Now I owe twice the value on my car. I'm considering a voluntary surrender to get from under then note. I'm already in a new vehicle so I won't be looking to trade for a while. I'm looking for some information and advice.



#2 gamecockcountry

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Posted 18 July 2013 - 07:41 AM

What will most likely happen is they will sell the vehicle at auction.  This will most likely be much less than what you owe so they will send you a bill for the difference (amount the sell it for - amount you owe) plus any fees.  If you don't pay that bill it will go to collections.

 

That's usually what happens with a repo.



#3 mk_378

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Posted 18 July 2013 - 08:03 AM

In a situation like yours it's better to just quit paying and wait for them to take it.  They are more likely to mess up on a technicality then.  Voluntary or involuntary repo are legally the same-- it will wreck your credit and they can sue for repo fees and the balance that the sale of the car didn't cover.


Edited by mk_378, 18 July 2013 - 08:04 AM.


#4 soccrstar

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Posted 19 July 2013 - 01:15 PM

you should've traded in the vehicle! thats what I did to get out of my loan. I owed 4 times the value! :-x. traded that sucker in for a new car and much better off and with a lower apr.



#5 BRBiz

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Posted 19 July 2013 - 05:40 PM

Trading in a car that your upside down in is the worst thing to do especially if its a new car your buying since the value drops as soon as you drive off the lot with it. When you have a high rate the only thing you can really do is to pay extra every month towards the principle to pay it down faster.

#6 IKNEWBETTER

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Posted 20 July 2013 - 12:35 AM

Thank you everyone for your input. I have decided to put it up for sale and praying hard for a buyer. I know I'm going to have to pay the balance after it is sold but it makes me sick to think of ruining credit I have worked to obtain. Besides I don't feel morally right to deliberately default. It goes against all ny principles and teaching. I covet your prayer in this matter.

#7 IKNEWBETTER

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Posted 20 July 2013 - 12:36 AM

Thank you everyone for your input. I have decided to put it up for sale and praying hard for a buyer. I know I'm going to have to pay the balance after it is sold but it makes me sick to think of ruining credit I have worked to obtain. Besides I don't feel morally right to deliberately default. It goes against all ny principles and teaching. I covet your prayer in this matter.

#8 BRBiz

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Posted 20 July 2013 - 03:54 PM

Your going to have a hard time selling a car private sale with a lien on it. Most wont buy it for that reason since it is risky.

#9 Uniqu1

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Posted 16 February 2017 - 12:30 AM

Please tell me how you did it?"]you should've traded in the vehicle! thats what I did to get out of my loan. I owed 4 times the value! :-x. traded that sucker in for a new car and much better off and with a lower apr.[/quote]

#10 Uniqu1

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Posted 16 February 2017 - 12:31 AM

Please tell me how you did it, and how much did they pay toward the trade. I've never missed a payment.

#11 breeze

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Posted 16 February 2017 - 01:05 AM

Please tell me how you did it, and how much did they pay toward the trade. I've never missed a payment.

 

That post is from 2013. Why don't you start a new thread, maybe we can help. :)



#12 bigpoppa09

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Posted 17 February 2017 - 12:53 AM

Please tell me how you did it, and how much did they pay toward the trade. I've never missed a payment.

 
That post is from 2013. Why don't you start a new thread, maybe we can help. :)
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