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

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Q: How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
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Related questions

Define Voluntary ownership?

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Can a repossession agent call the police?

Thay can, and in many jurisdictions it is required before repossession is performed. In others it is only necessary to notify police within 24 hours of recovery.


What happens if a buyer takes a car back to the loan company?

Buyer's remorse. Seriously, if the car is returned within three days (as is permissible in some states), it is a simple annulment of the contract. If the three days grace period has passed, this would be a voluntary repossession, or lease laydown (depending on the specifics of the contract).


Is it better to have a repossession or a bankruptcy on your record in regards to credit recovery?

Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.


If your car is repossessed but you get current within say two weeks of repossession does the repossession appear on your credit report?

If your power gets shut off and you go in and pay the bill current, did your power get shut off?


Is there a time period in which they have to grant you access to your possessions when your car has been repossessed?

Usually has to be claimed within 30 days of repossession.


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