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Originally Posted by iamfreeru2
It was listed as a voluntary repo, but still a repo, yes? The UCC-1 was filed stating I had a vested interest in the truck ($31,000.00 paid). No claim unless the $31,000 I had in it was paid back to me. That is the benefit to me as the living man. Also, I never asked for verification of the debt. All I did was file the UCC-1.
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Another advantage is that when you turn say a 30,000 vehicle in, the bank sells it at auction for 15,000 and sues you for 15,000 deficiency. The collateral was not enough to cover the account, So always be sure to get it in writing if you turn a vehicle in that you will not be sued for any deficiency if you decide to take this course of action.