A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
A sample copy of a voluntary mobile home repossession letter will have a number of tips which can be used for drafting your own. This will include details of the property in question, ownership details, location and so much more.
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.
NO. They can't take what you don't have.
Yes, there is no difference. A repossession is a repossession.
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
neither looks good on your credit.
Yes, but perhaps not as adversely as an involuntary repossession.
Voluntary repo is you call the loan holder and tell them to come get it or you take it to them. Involuntary they have to come & get it.
what are the legalities of voluntary vehicle repossession
a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com
If it drives, take it to the finance company and hand them the keys.
Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as having a repossession in your credit history marks you as a credit risk. The only advantage that I see in doing a 'voluntary' repossession is that it may cost you less in legal fees. In general, I would encourage you to work with the lender to find ways of keeping your home and coming to some kind of agreement on reduced monthly payments, or even weekly payments which will involve a lower interest rate. Good luck with it.
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. I would say because it just should. Who r u? LOSER bye...
YES, on a CR, a repo is a repo.
No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.
There is no specific time limit for a repossession in Florida. Florida law does not require a creditor to give notice before starting a repossession.
Yes, they can be garnished for this reason.
It will save you some money BUT you will still have a repo on your CR.
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.