whats the difrence between voluntary surrendering a car and having the finance company repo it? how does it affect the persons credit and is it basically the same thing, do the credit reporting agencies see it the same way? does one hurt your credit more than the other?
2007-02-12 05:28:58 · 6 answers · asked by oldskool 2 in Business & Finance ➔ Credit
Credit wise there is no difference. Get you stuff out of the vehicle and return it yourself this will save the lender money since they will not have to pay someone to go get it.
Either way you are going to be responsible for what ever difference there is between what they sell it for at the auction and what you owe.
2007-02-12 05:48:49 · answer #1 · answered by ? 7 · 0⤊ 0⤋
I'm not sure about how it affects your credit, but it's about the same otherwise. They will resale the car and come to you for the difference. You should always sell a house, or car, prior to foreclosure or repo. Once the lender has their property back they will resale it at whatever they can and come back to you for the difference. You will have no say as to the resale price. It's better to sale the item yourself because you should have less to pay back the difference. In my opinion, voluntary surrending doesn't change much. You still did not live up the terms of the contract. And, really how do you reject a repo? They will get their stuff back.
2007-02-12 13:36:31 · answer #2 · answered by ontopofoldsmokie 6 · 0⤊ 0⤋
Equal affect on your credit history, however, voluntarily surrendering the vehicle saves them some money by not having to repo it. Shows up on the credit history as "voluntary surrender".
2007-02-12 13:38:47 · answer #3 · answered by sunset 4 · 0⤊ 0⤋
Either way is going to hurt your credit but if it were me I would voluntarily surrender it to the bank. They are going to find it one way or another and it would be better you turn it in to them. Make sure you take your personal belongings out of it.
2007-02-12 13:40:20 · answer #4 · answered by devilgal031948 4 · 0⤊ 0⤋
Its the same if you volentarly surrender the vehicle they will re sell it and only charge you the differnce of what you owed on it and what they sold it for. if they have to come get it they charge you what you owed on it.
2007-02-12 13:34:26 · answer #5 · answered by pooh 6 · 0⤊ 1⤋
Do not have it repo'ed. You never know what of yours might be in the car when it gets ripped off - simple as that.
Better yet, pay your bills.
2007-02-12 13:37:22 · answer #6 · answered by Spicoli 4 · 0⤊ 0⤋