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charlierose1963 | I have a car and want to do a volunteer repro will it hurt my credit? |
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 |
 
Newt
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DON'T DO IT!!!!!!!
A repo shows up as a level 8. A voluntary repo is a level 9 - the worst! Your credit will drop below 400 - meaning that you can't even buy a piece of used bubblegum on credit.
Also, they will sell the car at auction, usually below the amount that you owe and you will still have to pay that difference.
I had a 780 score that dropped to 375 for that vol repo. Also, I saw a lot of people come in that had a vol repo when I worked at the auto dealership - we sent them on their way - NO ONE will give you credit for at least 3 years. If you do get credit, be prepared to pay $$$$$ just to get a few dollars - like 50% down, 24.99% interest, and you will need a co-signer.
I learned from experience. Talk to the lender. Work out a plan to ease the payments. Sell the car yourself an hope it is worth what you owe. |
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DELETE THIS ACCOUNT
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Yes |
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tm
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yes even if you do this they expect you to finish paying for it. Yes it will go on your credit report. You would be better off selling it and paying off the loan. I know from experience |
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CactusFlower
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Yes, a repo is a repo.. it doesn't matter if you do it voluntarily or not, all it will do is save the embarrassment of your neighbors witnessing the tow truck come @ 2 am to haul it off.
The worst part about a repo (besides the fact that it will go on your credit report) .. is if they turn around and auction your car for $3000 and you owe $8000 on it, they will come after you for the BALANCE of $5000. Make darn sure this is what you want to do, before you do it. Any chance you can sell the car for what you have owed on it?? |
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kiara481
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i believe even if you volunteer to have them repo it, it will still show up as a repo. So that won't be good for your credit. Maybe you can talk to them about some other options, or refinance. Also, did you try to sell it? |
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DaMan
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I know you want to believe that if you just admit that you have a bad debt before the normal course of action occurs, that creditors will give you the benefit of the doubt.
However, in credit land, it IS what it IS!
A repo by any other name, is a repo.
Your FICO will drop and you will still owe the creditor the difference of what your loan balance was at the time of repo and what the car sold for at auction (or to another buyer) PLUS reconditioning/remarketing costs of the vehicle.
Having bad debt is EXPENSIVE, man! |
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Vadalia
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Yes, anytime you forfeit on a loan, it hurts your score. A volunteer repo is not a good idea. You'd do better trying to sell the car for whatever is left on the loan, assuming it's worth that much. |
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I love the flipflops
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yes, it will still effect your credit negatively. I do not know for how long but my understanding is a repo is a repo and that normally lasts on a credit report 7 years. |
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ednolb
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Yes- it will hurt your credit alot. Your score will drop and it will take 7 years for it to be off your credit. Plus when they sell your car you are still on the hook for the difference and they will come after you for that. Try to trade it in for a really cheap new car and try to roll the balance into the new loan and try lower payments. Otherwise, plan on making up for this for your credit over the next couple years. |
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~*Stephanie S
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It will affect your credit, yes, but it won't be devastating as long as you're responsible otherwise |
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Diane
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Yes it affects your credit, but you can attach a letter to go on your credit to explain why. It will show as a memo and anyone looking up your credit will be allowed to view it. Good luck !! |
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chris m
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Probably but you are allowed to attach a small explanation of your past credit to your credit history. I had a lein put against my house because of a mix up with the IRS and It hasnt hurt me. |
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