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Brent, who held a gun on you and made you sign the loan papers?? You got ripped off by your own self. Anyway, if you let it go back, the lender will sell it at auction for MUCH less than you owe. Example; u o 10K,car sells for 3K, balance due 7K. The lender will get a judgment for the balance due and then the collection fun begins. IF there is any way possible, sell the car for all you can get, borrow money to go with it and pay it off. That will leave you with a smaller note to pay and no collection hassles. Good Luck

BTW, your credit will also be ruined for 7 years.

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โˆ™ 2011-09-13 06:05:00
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Q: How will a repossession hurt you?
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Related questions

Does voluntary repossession hurt your credit?

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

Does repossession hurt you in the end?

In my O' pin ion it hurts you in places you may not know you have.

How many points will be deducted from a credit score for a repossession?

a lot and it will hurt your credit for 7 years

When you give your car up for repossession does that hurt your credit score and if so for how long?

YES it hurts for about 7 years.

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.

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

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

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.

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.

How does a willing reposession effect your credit?

A repossession hurts your credit score whether it is voluntary or not. The creditor will report late payments, a charge off status, and a balance if one is owed. A repossession may hurt your credit score anywhere from 60 to 120 points.

What is repossession insurance?

Wrongful repossession insurance??? Coverage for when the Repossession Agency wrongfully recovers an asset for a myriad of reasons.

How bad will a rep hurt your credit?

A repossession will remain on your credit for seven years, which will decrease your credit score. You should work out a payment arrangement with the creditor to avoid it.

Does the repossession company have to report the repossession to the police after the repossession?

I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.

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