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What happens to your credit if you voluntarily have your vehicle repossessed?
Wiki User
∙ 18y ago
If the vehicle is sold for enough to cover the loan maybe not much. but lending gencies dont have time or manpower to wait long. You can still be responsible for any balance between the loan payoff and the selling price. and anytime you dont pay any bill, you damage your credit and everyone looks at your credit report, prospective employers, landlords, it can be really bad
Wiki User
∙ 18y ago
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How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?
It has the same effect on the credit.
Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?
yes it has a 10 year limit
If you are the co-signer of a vehicle that was voluntarily repossessed how can you get your good rating back?
PAY THE LOAN OFF. the loan NOT being paid was what damaged your credit so start rebuilding by paying it.
What happens to your credit if you voluntarily have your?
what happens if i voluntarily return my car to the bank due to job loss
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
Can your car be repossessed for credit card debt?
Unless the credt card company is the lienholder on your vehicle, no.
What happens to my credit if I voluntarily give my car back to the bank?
Even if surrendering a vehicle is voluntary, you will still be responsible for the amount owed on the loan after the sale of the vehicle. Most lenders report to the credit bureaus and any unpaid balance will be reported, as will payments made or missed on this balance.
If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
How long does the credit company have to make a claim for repayment on a repossessed vehicle?
Possibly up to 7 years.
What bad things go on your credit history if a vehicle is repossessed?
Slow pay, repo, and it gets worse from there.
