it's all the same whether you turned it in or they picked it up
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
Yes, there is no difference. A repossession is a repossession.
Yes, but perhaps not as adversely as an involuntary repossession.
7 years.
neither looks good on your credit.
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
YES, on a CR, a repo is a repo.
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.
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.
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.
YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
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.