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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.

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โˆ™ 2009-08-24 06:17:35
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Q: Does a vehicle repossesion affect your credit differently if it is voluntary?
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