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.
it's all the same whether you turned it in or they picked it up
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.
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.
Turning in a car prior to formal repossession activity is still a repossession. It differs only in the fact that it is voluntary and may not affect your credit quite as adversely. It does demonstrate a certain level of responsibility.
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
If the cobuyer is in possession of the vehicle in this scenario, then eventually the lender will put it out for repossession. Once located, the repo agent will secure the vehicle or will have it assessed for the lender to determine if they want it or not, if it is worth repossessing. Either way, if you are the primary on the account, it will negatively affect your credit. It might be better for you to contact the lender and divulge the location of the unit. As a signer on the loan, you have the right to sign a voluntary repossession and surrender the vehicle. In light of the irresponsible behavior of the cosigner, it is the right thing to do.
YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
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.
It hurts it very badly.
Yes. The DMV (Department of Motor Vehicles) has nothing to do with whether or not your vehicle was reposessed (nor do they care). This will, however, affect your credit and ability to buy another vehicle.
Yes, buy submitting payment in full, or voluntarily surrendering the vehicle. Failure to do either will result in the involuntary repossession of the vehicle. The later will more severely affect your credit rating.
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
Yes, it's one of the worst things that you can do to your credit.
Drugs are illegal due to the fact that can affect a persons ability handle themselves...which becomes very dangerous when it comes to the point of driving a vehicle.
Goes on your credit as a repossession.
it effects the persons sense of self.
You signed a contract and drove it. It is not new anymore. Returning it would be a voluntary repossession and you would probably owe several thousand dollars. Yes, it would hurt your credit.
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