We are about to surrender our RV to Wells Fargo. They want us to sign a paper saying we are liable for the deficiency balance.
We are going to voluntarily surrender our motor home to Wells Fargo. They said drive the motor home to any Wells Fargo branch, give them the keys and sign a voluntary surrender agreement. They will sell it at a collateral public auction. We then by singing this agreement we will be liable for any deficiency. Do you think we should sign this paper or just give them the keys and give them a paper saying we are giving them the motor home with the identification # and have them sign it, saying they have it in there possession?
Because I have not read your original loan contract or the new document Wells Fargo wants you to sign, I can only speculate as to the contents of either. You should accept the following observations accordingly.
I would be surprised if Wells Fargo did not already have terms in your original loan contract stating that you are liable for any deficiency balance upon repossession. In fact, I would be more than surprised if it did not. My guess -- note my word choice -- is that the new document repeats what is already in your contract and adds that by surrendering the RV you are giving up your right to possess it.
I see no reason why you cannot write your own drop-off document and ask the branch manager to sign it. I would be surprised if the branch manager has the authorization to do so, and as a result you may leave the office without signing each other's forms.
To learn more about this subject, see Voluntary Repossession.
I hope this information helps you Find. Learn & Save.
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Mortgages, credit cards, student loans, personal loans, and auto loans are common types of debts. According to the NY Federal Reserve total household debt as of Q2 2022 was $16.15 trillion. Housing debt totaled $11.71 trillion and non-housing debt was $4.45 trillion.
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