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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.

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โˆ™ 2015-07-16 18:27:51
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Q: How does a vehicle repossession affect your credit if everything else in your credit report is good?
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Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?

AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.


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

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


Will a voluntary repossession from your spouse affect your credit?

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


How does a repossession affect your credit?

It hurts it very badly.


Will a repossession affect your credit?

Yes, it's one of the worst things that you can do to your credit.


How can a repossession with a zero balance affect a credit score and can it be removed?

A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.


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.


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...


When your Father passed away how bad will a car repossession affect a cosigners credit?

It depends on how your father's death, the repossession, and the cosigners credit are corelated.


How bad does a car repossession affect your credit report?

A Lot.


Can you file for bankruptcy with a repo on your credit?

The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.


How long does a voluntary repossession affect your credit rating?

7 years.


Can a credit report show settlement then repossession on the same vehicle?

A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.


Repo how long will it take to get on credit report?

If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.


If your car has your mothers and your name on the title but she is deceased how does this affect you if it is repossessed?

Goes on your credit as a repossession.


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.


Would a vehicle repossession still be on your credit report after 15 years?

Your credit report contains the entire HISTORY of your credit life. The repo will appear on your record but if you've had good credit dealings over the past 15 years it may well only affect your current credit worthiness marginally.


Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


Can you return an auto without a repossession on your credit report?

Your credit report will state that the vehicle was returned. It will still show a balance remaining once this vehicle is auctioned off. This is your best option, but it already has done it's damage to your credit report with missed payment. Also, this will affect your credit score monthly for the next two years from the date of last payment.


Can you still renew your drivers license if you owe the lender due to repossession?

Yes. The DMV (Department of Motor Vehicles) has nothing to do with whether or not your vehicle was reposessed (nor do they care). This will, however, affect your credit and ability to buy another vehicle.


If full payment is demanded to prevent repo can this be resolved?

Yes, buy submitting payment in full, or voluntarily surrendering the vehicle. Failure to do either will result in the involuntary repossession of the vehicle. The later will more severely affect your credit rating.


How does a voluntary repossession affect your credit?

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


Can i finance or lease after repossession?

In many cases yes. While the repossession will negatively affect your credit rating, your record still indicates you have had credit. It is actually easier for those with bad creidt to get a loan than those with no credit. It will just cost you more in interest.


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.


Is a joint applicant's credit affected by a car repossession?

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.