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How will voluntary repossession of a vehicle affect a persons credit score?
Wiki User
∙ 8y ago
Same as a regular repo.
The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...
Wiki User
∙ 8y ago
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How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
How long does a voluntary repossession affect your credit rating?
7 years.
How does a voluntary repossession affect your credit?
it's all the same whether you turned it in or they picked it up
How does a vehicle repossession affect your credit if everything else in your credit report is good?
Absolutely. Repossession, whether voluntary or involuntary, show on your credit report as a charged off account. This designation is similar to a collection account and shows that you did not repay the vehicle loan. Such a listing in your credit report would have a significant negative impact.
Turning in a car prior to reposession?
Turning in a car prior to formal repossession activity is still a repossession. It differs only in the fact that it is voluntary and may not affect your credit quite as adversely. It does demonstrate a certain level of responsibility.
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
What if the co-buyer says they are not going to make any more payments and the vehicle breaks down and need repair?
If the cobuyer is in possession of the vehicle in this scenario, then eventually the lender will put it out for repossession. Once located, the repo agent will secure the vehicle or will have it assessed for the lender to determine if they want it or not, if it is worth repossessing. Either way, if you are the primary on the account, it will negatively affect your credit. It might be better for you to contact the lender and divulge the location of the unit. As a signer on the loan, you have the right to sign a voluntary repossession and surrender the vehicle. In light of the irresponsible behavior of the cosigner, it is the right thing to do.
I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?
You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.
Is having a voluntary repossession on your credit report bad and if so how does it affect your credit and for how long?
YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
How will voluntary repossession of my home in Texas affect my credit?
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
