Yes, it's one of the worst things that you can do to your credit.
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.
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.
it's all the same whether you turned it in or they picked it up