Keri, I suggest you think long and hard before you let it go back. The results are not nice at all on your credit rating. Read your contract where it mentions "deficency balance". Chances are that you will be responsible for any amount owed after the car is sold. If the payments are toooo high, ask the lender if they will lower the interst rate. If you have lost income but expect to regain it, ask the lender to defer a payment to the end of the loan. If you cant do anything else, try to sell the car yourself. You will get more for it than the lender will at auction.
I totally agree with the above answer. Repossession should be the absolute last resort. A repossession is a repossession. The only difference in voluntary and non voluntary is that you will not have to pay the repossession fees. This will stay on your credit report for 7 years and will cost you dearly. Sit down with the creditor and work this out. Like the above answer sell the car yourself or see if you can get someone to take over the payments. Do not allow the car to be repossessed. This may seem like the easy way out, but in the end it is the hard way out.
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
Yes, there is no difference. A repossession is a repossession.
neither looks good on your credit.
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
Yes, but perhaps not as adversely as an involuntary repossession.
YES, on a CR, a repo is a repo.
Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.
What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.
it's all the same whether you turned it in or they picked it up
For all practical purposes, YES.
It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.