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.
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
the co-signer is just as responsible for the debt as you are, hence the name "co-signer"
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.
NO
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
Yes, there is no difference. A repossession is a repossession.
neither looks good on 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.
Yes, but perhaps not as adversely as an involuntary repossession.
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.
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