Well first off, it will make you look like a deadbeat. A repo will make it difficult for you to buy another vehicle, a house or other major purchases. It will also make it difficult for you to get any kind of credit and in addition it will keep you from getting certain jobs where they check your credit before hiring. It stays on your credit record for 7 years.
Yes, there is no difference. A repossession is a repossession.
Yes, but perhaps not as adversely as an involuntary repossession.
It hurts it very badly.
Yes, it's one of the worst things that you can do to your credit.
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
A Lot.
7 years.
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
Goes on your credit as a repossession.
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.