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How will voluntary repossession of a vehicle affect a persons credit score?

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2015-07-15 19:37:25
2015-07-15 19:37:25

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...

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

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

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

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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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