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2006-07-07 11:37:11
2006-07-07 11:37:11

If there are payments outstanding, you, the co-signer, are responsible. That's the point of being a co-signer; you agree to pay the debt if the primary cannot.

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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.


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.



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.


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



a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com


You are combining two unrelated items.The bank doesn't care if your car is running or the problems with it they want their money.A voluntary repo is the same as a non voluntary repo you will still owe the balance of the loan after the car is sold and the amount deducted from your outstanding loan.


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


You should consult an attorney for the correct answer, but, my experience would indicate that you would not be responsible if you did not sign on the contract at the time the auto was purchased. * If the married couple did not live in a community property state, the debt belongs solely to the deceased and becomes a part of the probate procedure the surviving spouse would not be responsible.


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.


Yes, a voluntary repossession does not mean the buyer is not responsible for any of the remaining loan debt according to the original contract terms or for any additional fees.


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



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.




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



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