It of course effects your credit score. To learn more about your credit score visit either Experian, TransUnion or Equifax. If you can not pay for the car, the next best thing would be to return it to the dealer. Contact the lender and inform the company what you intend to do. If possible, return it back to the dealer you purchased the car from.
A car reposession will leave a major black spot on your credit rating for 7 years.
This depends upon your credit score.
it will be on there as soon as the order gets sent to the repo company, they are the collection agency. after they repo ur car and it gets sold at auction ur credit score will change .
Yes, there is no difference. A repossession is a repossession.
Turning in a car prior to formal repossession activity is still a repossession. It differs only in the fact that it is voluntary and may not affect your credit quite as adversely. It does demonstrate a certain level of responsibility.
You can always purchase a car. Getting financing for a car may be more difficult, but that's true for anyone with compromised credit. Regardless of your credit, shop around to find the best deal you can with your history.
It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.
Trading in a car does not affect your credit unless you sign a new car loan and get a new car. This may negatively or positively effect your credit.
A repossession ruins your credit for 7 years. This will have an adverse effect on any loan you may try to obtain.
They should.You can dispute it with the credit agency.Send the credit agency a dispute letter .
Keep the car at a relatives or friends garage