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

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โˆ™ 2008-01-15 17:24:37
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Q: How does a voluntary repossession affect 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.


Will a voluntary repossession from your spouse affect your credit?

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


How long does a voluntary repossession affect your credit rating?

7 years.


Is a voluntary repossession better than a repossession?

neither looks good on your credit.


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.


Does voluntary repossession hurt your credit?

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


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.


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.


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.


Is having a voluntary repossession on your credit report bad and if so how does it affect your credit and for how long?

YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years


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.

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