If this is a vehicle you own and can not pay for it any longer and decide to give it back, yes, you should cancel the insurance you have on it AFTER it is out of your possession.
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
If you give up your car, cancel your insurance, as you don't need insurance if you don't own a car. If you are talking about a voluntary repossession, the answer, is possibly, on another car. A repo is a repo, no matter if it is voluntary or not. Your credit will be damaged for 7 years, and this may effect you insurance rates. Don't do it or let it happen. Contact the lender and work something out if possible.
The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.
NO
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
Yes, there is no difference. A repossession is a repossession.
In most states, you will owe whats left owing after the ins. co. pays.
neither looks good on your credit.
CAN & WILL. Good Luck
Gap insurance does not cover repossession anything. It only covers if you wreck the car and owe more than it is worth.
Yes, but perhaps not as adversely as an involuntary repossession.
Wrongful repossession insurance??? Coverage for when the Repossession Agency wrongfully recovers an asset for a myriad of reasons.