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DrakeLAW
DrakeLAW, Lawyer
Category: Legal
Satisfied Customers: 442
Experience:  Attorney at Drake Law Firm PLC
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I am thinking of doing a voluntary repossession of my 2003

Customer Question

I am thinking of doing a voluntary repossession of my 2003 motor home that I owe $52,000.00 on. I am 71 years old and have dialysis 3 times a week in Kingman Arizona and cannot drive it anymore. My wife is 77 years old and cannot drive any vehicle due to two different types of vertigo. What are some of the results of taking this action? I am sure there would be a deficiency judgment and how would this be viewed in the courts. I also saw online that some issues with a repossession could be considered a Class 6 felony. Is that true?
Submitted: 4 months ago.
Category: Legal
Expert:  DrakeLAW replied 4 months ago.

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I am sorry to hear about the health problems you folks are experiencing. You are correct, the issue you would be looking at is a deficiency judgment. What you ought to do is call the company and see if they will work with you on a voluntary turnover of the keys and vehicle in good condition in exchange for full settlement of the loan. (ie: no deficiency). The likely won't go for that, but you should try.

If they don't, you might still turn it over to avoid repossession, towing and storage charges being added to the deficiency.

The felony thing you are talking about is if you purposely hide a vehicle to avoid repossession. It is hardly enforced.

Do you have any more questions?