answersLogoWhite

0


Best Answer

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

User Avatar

Wiki User

โˆ™ 2011-09-14 00:26:40
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: What does a voluntary repo actually do to your credit and how severe is it?
Write your answer...
Submit
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.


Is it considered a repo when you turn the auto in yourself and have not missed a payment no bank involved made payments to the company the van had problems and your credit report shows it as a repo?


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


What is the difference between a car been repossessed or voluntarily surrendered?

AS far as your credit goes there isn't any a repo is a repo it stays on your credit for seven years.A voluntary repo can save you $200-300 in repo fees .You are still charged all the fees related to preparing the car for auction and auction fees etc. which run between $500-700 and up.And of course that is added to the balance after the the car is sold.


If you bought a car in Virginia and can no longer afford it can you do a voluntary repo and not have your wages garnished?

A repo is a repo, voluntary or not. Do not do a voluntary repo or any other repo. Terrible idea!!! Call the lender and work something out. See if you can find someone to take over the payments or possible sell the car to another part and pay off the loan. If you are upside down on the loan, then sell the car and borrow the balance to pay it off. Having your car reposed is a very bad idea. Your credit will be ruined for 7 years. You will also have the pay the difference in what the lender sells your car for and the balance on the note, plus repo fees. Do whatever it takes to prevent this from happening. I can assure you the lender does not want to repo your car. Call them!!!!


If you voluntarily offer your car for repo in Colorado How much of the remaining debt can you be liable for?

The difference in what the car sells for and the balance on the loan, plus repo, and administrative costs. Very, very, bad idea to allow this to happen. Sit down with the lender and work something out. They do not want to repo your car. Voluntary repossession hurts your credit just as much as them initiating the repo. Your credit will suffer for 7 years. Do not allow this to happen, if at all possible,


In Georgia should you do a voluntary repossession or just repossession?

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.


Does a repo show on your credit when you voluntarily return it?

Yes, a repo is a repo whether you give it up or they take it.


What are the ratings and certificates for Operation Repo - 2007 Involuntary Voluntary 7-8?

Operation Repo - 2007 Involuntary Voluntary 7-8 is rated/received certificates of: USA:TV-14


If your loan is current and you turn the vehicle back in to the lender can it still be reported as a repo?

YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.


How long is a repo on your credit?

A repo stays on your credit for at least seven years. However, you may negotiate with the creditor to have it removed earlier.


Is it better to do a voluntary repossession?

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


How will voluntary repossession of a vehicle affect a persons credit score?

Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...


If you voluntary repo 1 of your 2 cars in Louisiana when would you be able to buy a home if you keep paying your other car and everything else on time?

That depends on the lenders qualifications for a home loan. Some will, some wont. The repo is on your credit.. voluntary or not go down talk to a good home loan person and find out what they think.Don't forget the bank will still come after you for the balance on the car loan plus fees etc.so that too will show up on your credit.


Does the credit company have to warn before repo?

No.