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Yes, a creditor can pursue a voluntary auto repossession, even if it occurred 23 years ago, depending on the applicable statute of limitations in the jurisdiction. Typically, the statute of limitations for collecting debts varies by state and can range from three to ten years for most debts. However, if the creditor has not taken any legal action or obtained a judgment during that time, they may be barred from pursuing collection. It's advisable for the debtor to consult with a legal professional to understand their specific situation and rights.
What else can I help you with?
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.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
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 creditor received a judgment and you make arrangements to pay the bill can the creditor still repo your car?
"debtors" can never repo cars, LENDERS can, even after you make 'arrangements". As long as you are in "default", they can repo.
If you voluntary turn back in a financed auto and the auto has been in an accident and you had no insurance coverage what are you libel for?
You are liable for everything. Fixing the car, paying for the car (the balance of the contract) and repo fees.
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
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.
If you have a voluntary car repo while you are in chapter 13 how does it appear on your credit report?
as a repo
Can you keep driving a repo car?
No, the creditor is going to wonder where it is.
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.
Can a creditor garnish social security in Texas for deficiency after repo?
NO. Social Security income is protected from creditor claims.
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.
