Of course it is. You voluntarily turn the car in for repossession. It will stay on your credit report for 7 years.
Repossession is when something is returned to its original owner. An example would be when a car payment is not made, and the owner of the car's title repossesses (takes back) the car.
It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.
Yes, and potentially more than was owed before the repossession due to accrued fees.
""Car was reposssess."" You answered your own question.
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does
Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.
How do you write a car repossession letter?
who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?
IF the lender accepts it you can.