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A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.

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โˆ™ 2005-09-29 18:08:16
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Q: How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
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First of all, a lender does not report a vehicle as a repossession until they actually have possession of the vehicle. Then immediately via computer the code is entered and authorities notified. The credit reporting company may be a little slow getting the repo on your report however, but any new lender is going to check your report before giving you a new loan. After a vehicle is repo'd you usually have a few days prior to sale of that vehicle, to get the vehicle back if you pay the account current plus any repo expenses if it was a voluntary repo. If it was not voluntary, and the lender had to take the vehicle, they probably will not redeem the vehicle back to you, but it never hurts to ask.


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What are the repossession laws in Arizona?

I can tell you the repossession laws in Arizona, if you need a town or county in general i recommend trying the sheriff's office b/c they are the ones that usually deal with civil maters.ARIZONA: sELF HELP REPOSSESSION PERMITTED AS LONG AS THERE IS NO BREACH OF THE PEACE.redemption : within ten days after retaking, if the customer has paid 50% of purchase price or $500 , a public sale is required. If less than 50% or $500 a private sale is permitted.No license needed for repossession.License plates remain with the vehicle.I cover more topics about repossession at my website www.stoptheREPOman.com good Luck!


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How likely is it for American Honda to file a judgment for a voluntary repossession if all your other bills loans and whatnot are in good standings?

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