answersLogoWhite

0


Best Answer

I live in New Jersey and I know about 20 years ago I had the same problem. I tried to voluntarily give back the car because I could no longer afford it. I called them and even said I would take the car to them, would it help my credit rating a little? They said NO! THEY had to repo it themselves. That stayed with me for 7 years. I hope this helps a little.

Yeah, a repo is an R9, worst derogatory remark possible on credit file. Worse yet, it's on a 'secured' loan, which is future credit problematic. After repo car will be sold at auction and while lender has a 'good faith' duty to recover as much of amount owed on your loan there will be a shortfall you are responsible for.

User Avatar

Wiki User

โˆ™ 2009-08-24 06:17:35
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides
๐Ÿ““
See all Study Guides
โœ๏ธ
Create a Study Guide

Add your answer:

Earn +20 pts
Q: Does a vehicle repossesion affect your credit differently if it is voluntary?
Write your answer...
Submit
Related questions

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.


Why does grief affect some people differently?

why doe some people grief differently


How does a weight training program differently affect males and females?

A weight training program can affect males and females differently because their bodies are built differently. Typically, men are able to lift more weight, and their bodies are also built differently in their structure.


How long does a voluntary repossession affect your credit rating?

7 years.


Does exercise affect cellular respiration in boys and girls differently?

No, it has the same affect on both genders.


Does sunlight affect land and water differently?

sunlight affect land and water to due the heat.


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.


Will a voluntary repossession from your spouse affect your credit?

Yes, but perhaps not as adversely as an involuntary repossession.


How does a voluntary repossession affect your credit?

it's all the same whether you turned it in or they picked it up


Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


Damage to the pyramidal cells of the cerebral cortex would directly affect?

voluntary motor activity.


How does magma affect land features?

It affect the land features because magma can harden in different way and forms differently


How did war affect the rich and the poor differently?

The rich finance it, the poor fight it.


Do different colors of light affect plants differently?

Yes it does By Jonathan Thornton


Why do asteroids affect the surface of the Earth and the Moon differently?

That has to do with gravity and Earth's atmosphere.


How did industrialization affect business owners and working classes laborers differently?

Err


The heart is a voluntary muscle?

No, the heart is an involuntary muscle. You can affect your heart rate through your nervous system but you cannot contract and relax at will your heart muscle as you would your bicep or other voluntary muscle.


What affect does gravity have on a vehicle?

It holds it down.


How does music affect girls and guys differently?

im not sure why but i know that i does affect them in very different ways. im not sure why but i know that i does affect them in very different ways.


What are the two factors that will affect the amount of kinetic energy on the moving vehicle on the road?

-- mass of the vehicle -- speed of the vehicle


How did world war 2 affect the United states and the soviet union differently?

Pickles


Do STDs affect males differently than females?

its much more painful for woman


Does gonorrhea affect males and females differently?

The effects are the same for men and women; infertility.


How will voluntary repossession of a vehicle affect a persons credit score?

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...


How does gender affect development?

Gender can affect development in a variety of ways. Sometimes one gender can do things such as walking or talking first, and puberty will affect both genders differently.