Credit- auto repossession vs repossession and reclaiming?

Question

If you have a vehicle repossessed, what is the difference to your credit if it is repossessed and sold at auction vs. repossessed and reclaimed?

Answer 1

Either way, your credit will look and smell like sanitation.

You are splitting hairs over very adverse entries on your credit report. Both are equally ruinous to your credit health.

By the time your car is repossessed, you have missed a series of payments. These missed payments are normally on your credit report, so you have already done the MOST damage to your FICO score.

The only benefit you get through reclamation is that YOU get to retain what little "owner equity" you have in the vehicle and you get to drive that same ole' familiar vehicle.

Again, the DAMAGE is already done!

In the credit game, the goal is to do WHATEVER it takes to AVOID repossession. And by WHATEVER I don't mean hiding the vehicle in unsavory and unusual places to avoid detection.

Instead, when you can't make your car payment in full, you need to call your creditor's immediately to arrange a TEMPORARY workout agreement.

Non-payment is NOT an option.