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Is a voluntary surrender weighted the same as a repossession on your credit report?
Wiki User
∙ 8y ago
For all practical purposes, YES.
Wiki User
∙ 8y ago
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Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
What does a voluntary repossession do to your credit?
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.
How does a voluntary repossession affect your credit?
it's all the same whether you turned it in or they picked it up
How does a willing reposession effect your credit?
A repossession hurts your credit score whether it is voluntary or not. The creditor will report late payments, a charge off status, and a balance if one is owed. A repossession may hurt your credit score anywhere from 60 to 120 points.
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
How long does a voluntary repossession stay on your credit report?
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
Is a voluntary repossession better than a repossession?
neither looks good on your credit.
Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
How long does a voluntary repossession affect your credit rating?
7 years.
What does a voluntary repossession do to your credit?
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.
I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?
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.
If you bought a used car and want to return it and buy a cheaper one will it ruin your credit?
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.
How does a voluntary repossession affect your credit?
it's all the same whether you turned it in or they picked it up
What are the consequences of a voluntary repossession of a mobile home?
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.
