Voluntary Repossession of RV
Get rid of your debt faster with debt relief
Choose your debt amount
Or speak to a debt consultant 844-731-0836
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.
Best,
Bill
Get rid of your debt faster with debt relief
Take the first step towards a debt-free life with personalized debt reduction strategies.
Choose your debt amount
Or speak to a debt consultant 844-731-0836
Dealing with debt
If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q1 2024 was $17.69 trillion. Student loan debt was $1.60 trillion and credit card debt was $1.12 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 8% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
Each state has its rate of delinquency and share of debts in collections. For example, in South Dakota credit card delinquency rate was 2%, and the median credit card debt was $419.
To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.
