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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.

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โˆ™ 2005-09-27 18:50:11
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Q: What happens to your credit with a voluntary repossession?
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Related questions

How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


Is a voluntary repossession better than a repossession?

neither looks good on your credit.


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.


Will a voluntary repossession from your spouse affect your credit?

Yes, but perhaps not as adversely as an involuntary repossession.


How long does a voluntary repossession affect your credit rating?

7 years.


Does voluntary repossession hurt your credit?

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


What does a voluntary repossession do to 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.


If you bought a used car and want to return it and buy a cheaper one will it ruin your credit?

What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.


How does a voluntary repossession affect your credit?

it's all the same whether you turned it in or they picked it up


Is a voluntary surrender weighted the same as a repossession on your credit report?

For all practical purposes, YES.


What does a car repossession do to your credit How can you delete it from your record?

It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.

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