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Is a voluntary surrender weighted the same as a repossession on your credit report?

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2015-07-16 18:10:56
2015-07-16 18:10:56

For all practical purposes, YES.

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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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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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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.


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