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Is a voluntary repossession worse than a normal repo on your credit report?

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2015-07-16 18:12:02
2015-07-16 18:12:02

Sorry to say, its about 1% better than a 'normal" repo. try to sell the car. You'll get much more than the lender will at auction. Of course, you'll have to come up with the difference to complete the sale. talk with your lender about that idea. Good Luck

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For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.

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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.

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Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.

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No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


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