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If you call the Bank; Finance Company and let them know that you are going to return the vehicle to them. They tell you where you can drop the vehicle off and you deliver it to that place. That is a voluntary repossession. The only other thing would be if the Bank; Finance Company agrees to pick the vehicle up at your residence at no charge.
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∙ 18y ago
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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.
What if you voluntary repossession of your car due to excessive car repairs?
You are combining two unrelated items.The bank doesn't care if your car is running or the problems with it they want their money.A voluntary repo is the same as a non voluntary repo you will still owe the balance of the loan after the car is sold and the amount deducted from your outstanding loan.
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!!!!
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 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.
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.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
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
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.
Will your insurance go up if you voluntarily give up your car?
If you give up your car, cancel your insurance, as you don't need insurance if you don't own a car. If you are talking about a voluntary repossession, the answer, is possibly, on another car. A repo is a repo, no matter if it is voluntary or not. Your credit will be damaged for 7 years, and this may effect you insurance rates. Don't do it or let it happen. Contact the lender and work something out if possible.
