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Michelle, a repo is a repo is a repo to a credit score. It says you couldn't meet your obligations and the lender had to take back the collateral to try to get their money. A new lender looking a your CR will see 'repo" and say, well, I better charge this person more because they might not pay me back. NOW, IF you pay off the balance due after the repo is sold, then the new lender might say, well, they had hard times but DID pay what they owed. Lets give them another chance at reasonable interest rates.

http://search.Yahoo.com/search?p=%22credit+scores%22&ei=UTF-8&fr=fp-tab-web-t&n=20&fl=0&x=wrtpaste this link into your browser and pick out one to explain "FICO" to you. Good Luck

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โˆ™ 2011-09-14 00:26:40
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Q: What does a voluntary repo actually do to your credit and how severe is it?
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Related questions

How badly does a voluntary reposession hurt a co-signer's credit?

A repo is a repo is a repo, credit wise.


Does voluntary repossession hurt your credit?

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


What happens to your credit with a voluntary repossession?

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.


If you have a voluntary car repo while you are in chapter 13 how does it appear on your credit report?

as a repo


If you do a voluntary repo and get another dealerships car will that hurt your credit as bad as not making any payments for a repossession?

A repo is a repo is a repo.


How long does a voluntary repossession stay on your credit report?

For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.


How badly does voluntary repossession hurt your credit score?

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.


How long does a voluntary repo stay on your credit and does it look bad to other car dealers?

7 years just like a regular repo. Looks the same too.


What to say when you want to do a car repossession?

If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does


What are the release dates for Operation Repo - 2007 Voluntary Surrender?

Operation Repo - 2007 Voluntary Surrender was released on: USA: 2012


What is the difference between voluntary repossession and regular repossession and the pros and cons with it?

Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.


Can your lender place liens or judgments on your credit for the balance owed if you do a voluntary repo?

IF they follow the laws of your state, YES. A repo is a repo is a repo. they may also be able(and more likely if you have a job)to garnish your wages. NEGOTIATE with them, they would much rather have money than the car. TRY to sell the car. Good Luck

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