Hal, you BEST option is to sell one of the cars. But you're upside down, right? Get the best price you can for it and borrow enough to pay the loan off. Do it NOW before you get in a real bind. yes, you will be paying for a car you DONT have but you will also be KEEPING your good credit.And doing it with a smaller note without creditors calling you, ect. The lender is going to want the balance due on the loan after you VOLUNTARY repo and they sell it. Not pretty is it? It is BEAUTIFUL compared to what you will get after a repo. Face this head on and win. Put your head in the sand and lose. Good Luck
YES, on a CR, a repo is a repo.
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.
Operation Repo - 2007 Voluntary Surrender was released on: USA: 2012
A repo is a repo is a repo, credit wise.
A repo is a repo is a repo.
as a repo
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
Operation Repo - 2007 Involuntary Voluntary 7-8 is rated/received certificates of: USA:TV-14
A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.
It will save you some money BUT you will still have a repo on your CR.
1st repo?? Pay the arrears and repo fees, have ins. coverage 2nd repo??? Most likely have to payoff the loan unless the lender is in a really good mood. Read your contract
About the same as any repo. The impact is that you couldn't complete the agreement for whatever reason. Same as a repo. A repo is a repo is a repo. That is correct, there is no difference in voluntary and involuntary. Stays on your credit report for 7 years. Don't let it happen to you. It is not that bad ....in fact you can probably get another car just at a higherinterest rate... besides someone has to keep wonk and clay in business.