2006-08-17 02:45:54 · 11 answers · asked by jfields2302 2 in Cars & Transportation ➔ Insurance & Registration
I STILL HAVE MY CAR, SO PLEASE DONT THINK I GOT IT REPOD. I AM TRYING TO THINK OF WAYS TO SAVE MY MONEY AND HEARD THAT A REPO DOESNT STAY ON RECORD THAT LONG
2006-08-17 10:04:54 · update #1
A voluntary repossession is really not such a great thing to have on your credit. The fact that you took the vehicle back before the repo men showed up really doesn't look all that good. As the other poster said you will probably have it on your credit for up to 10 years. There may be a way you can get a company to not put it on your credit or ask them to remove it if they didn't lose any money, but generally only a smaller company would be willing to do that.
Contrary to what another post says there is such a thing as voluntary repossession and that is how it is usually recorded on your credit report. But for the reasons I gave earlier lenders still take a dim view of it.
2006-08-17 02:53:29 · answer #1 · answered by ZCT 7 · 0⤊ 0⤋
there is no such thing as a voluntary repo. That is just a term made up to make you feel better. A "voluntary repo" and "regular repo" are the same thing as far as the bank is concerned. If you can't pay for it, sell it, or trade it then unfortunately a repossession is all that is legally left. Contact your bank and they will tell you what to do. don't worry too much about it, because once you get back on your feet you can buy another car. the interest rate may be higher, but if you make your payments on time the next one you buy will have a lower rate. Banks will usually look at financing you again after 6 months to 1 year of on time good credit history. There is also many banks that specialize in poor credit financing.
2006-08-17 03:27:50 · answer #2 · answered by dialout2000 2 · 0⤊ 1⤋
This Site Might Help You.
RE:
HoW LONG DOES A VOLUNTARY REPO OF YOUR CAR STAY ON YOUR RECORD? OR IS THERE EVEN A SUCH THING?
2015-08-10 23:55:05 · answer #3 · answered by Alano 1 · 0⤊ 0⤋
Either 5 or 7 years. It happened to me once. Problem is, they will auction the car off for next to nothing. Then they deduct that amount from what you owe. At that point, you STILL owe that remaining balance. And that credit report time doesn't start until AFTER you pay that remainder off, with interest. So, if it takes you four years to pay it off, you still have that repo on your record for another 5-7 years. It can make life miserable.
2016-03-17 06:40:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No such thing as a voluntary repossesion, just because you gave the guy the keys means nothing. It stays on your credit report for a while unless you dispute it and have it removed.
2006-08-17 02:51:20 · answer #5 · answered by Anonymous · 0⤊ 1⤋
It stays on for 7 years.
2006-08-17 10:13:22 · answer #6 · answered by amyvnsn 5 · 0⤊ 0⤋
Usually 10 years if the lender posts it to your credit record. Check your credit record. If it is there, contact the lender to see if they lost money on the loan. If they were able to sell the car and did not lose money they may be willing to notify credit bureau to remove it from your record. Good luck.
2006-08-17 02:50:46 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Voluntary or not, it will follow you for at least seven years.
2006-08-17 07:05:58 · answer #8 · answered by Anonymous · 1⤊ 0⤋
7 years, just like everything else.
10 years is for bankruptcy.
2006-08-17 03:15:15 · answer #9 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I was here on Yahoo Answers for something else, then this topic was trending on the sidebar...
2016-08-23 04:34:23 · answer #10 · answered by ? 4 · 0⤊ 0⤋