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YES, on a CR, a repo is a repo.

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โˆ™ 2015-07-15 18:46:19
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Q: Does voluntary repossession hurt your credit?
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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.


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

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


How long does a voluntary repossession stay on your credit report?

For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.


Is a voluntary repossession better than a repossession?

neither looks good on your credit.


Will a voluntary repossession from your spouse affect your credit?

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


If you do a voluntary repo and get another dealerships car will that hurt your credit as bad as not making any payments for a repossession?

A repo is a repo is a repo.


How does a willing reposession effect your credit?

A repossession hurts your credit score whether it is voluntary or not. The creditor will report late payments, a charge off status, and a balance if one is owed. A repossession may hurt your credit score anywhere from 60 to 120 points.


What does a voluntary repossession do to your credit?

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.


How long does a voluntary repossession affect your credit rating?

7 years.


If you bought a used car and want to return it and buy a cheaper one will it ruin your credit?

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.


Will voluntary car reposesion hurt your credit?

if i let my vehicle get reposesed will it hurt my credit?


Is a voluntary surrender weighted the same as a repossession on your credit report?

For all practical purposes, YES.


How does a voluntary repossession affect your credit?

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


What are the consequences of a voluntary repossession of a mobile home?

Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as having a repossession in your credit history marks you as a credit risk. The only advantage that I see in doing a 'voluntary' repossession is that it may cost you less in legal fees. In general, I would encourage you to work with the lender to find ways of keeping your home and coming to some kind of agreement on reduced monthly payments, or even weekly payments which will involve a lower interest rate. Good luck with it.


How many points will be deducted from a credit score for a repossession?

a lot and it will hurt your credit for 7 years


What does a car repossession do to your credit How can you delete it from your record?

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.


How will voluntary repossession of my home in Texas affect my credit?

The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.


I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?

You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.


Can you be arrested for a voluntary repossession?

NO


In Georgia should you do a voluntary repossession or just repossession?

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.


How badly does a voluntary reposession hurt a co-signer's credit?

A repo is a repo is a repo, credit wise.


What to say when you want to do a car repossession?

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


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 bad will a rep hurt your credit?

A repossession will remain on your credit for seven years, which will decrease your credit score. You should work out a payment arrangement with the creditor to avoid it.


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.