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Is it better to do a voluntary repossession?

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2015-07-16 18:11:23
2015-07-16 18:11:23

It will save you some money BUT you will still have a repo on your CR.

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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.

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.

file bankruptcy that bay you wont loose your stuff

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.

Yes, but perhaps not as adversely as an involuntary repossession.

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

YES, on a CR, a repo is a repo.

It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.

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.

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.

NO, they can attach a lien to be paid FIRST if/when the home is sold.

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.

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

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.

Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.

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.


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