answersLogoWhite

0


Best Answer

The proper and best way is to talk with the co-signor FIRST. A repo will affect their credit as much as yours. Talk to them about selling the car yourself. You should get much more for it than the CU will so it will cut your losses somewhat. This will have to be done in agreement with the credit union. Talking to the co-signor AND the CU will make things a lot easier for all involved.

If you have taken the steps above and still find that you have to surrender the vehicle, contact the credit union and make arrangements to surrender the vehicle at a credit union branch. By doing this, you would be able to get written receipt for the vehicle returned to the credit union. This could prevent you charged for "repossession fees".

User Avatar

Wiki User

โˆ™ 2010-03-16 15:32:59
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
5.0
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
1 Review

Add your answer:

Earn +20 pts
Q: How do you do a voluntary car repo with a credit union if you have a co-signer?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

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

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


Does voluntary repossession hurt your credit?

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


If you have a voluntary car repo while you are in chapter 13 how does it appear on your credit report?

as a repo


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 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.


What happens to your credit with a voluntary repossession?

A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.


How badly does voluntary repossession hurt your credit score?

About the same as any repo. The impact is that you couldn't complete the agreement for whatever reason. Same as a repo. A repo is a repo is a repo. That is correct, there is no difference in voluntary and involuntary. Stays on your credit report for 7 years. Don't let it happen to you. It is not that bad ....in fact you can probably get another car just at a higherinterest rate... besides someone has to keep wonk and clay in business.


If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?

VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.


How long does a voluntary repo stay on your credit and does it look bad to other car dealers?

7 years just like a regular repo. Looks the same too.


Can you get a car loan with a co-signer if you have a repo on your credit?

You should be able to get a car loan with a qualified cosigner. Even with a repossession on your credit you should be able to finance a car loan.


If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?

Both are responsible until paid in full. It will also be on both credit reports as well.


If only one person in the household is working can they garnish that person's wages for a voluntary repo and can they take your house if you have equity?

Only if that person is on the contract cosigner etc. and no they cant take your house.

People also asked