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Repossession

If you have a voluntary repossession on your credit but no one has picked up the car how long do they have to pick it up before you can sell it or fix it?


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

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If it drives, take it to the finance company and hand them the keys.

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It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.

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Most lenders will view it as a one time thing and consider ALL your other credit experience. Some may require a larger downpayment. seven years. and it will affect your credit badly for the first two to four years...regardless. If it has to be repossed let it be a willing repossession or try to sell it out-right before it is picked up. Credit in this time is as important as air. Don't damage it. I am a loan officer

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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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