Will Voluntary Repossession Affect Your Credit
Dear Experian, I bought a car about 2 years ago at a "buy-here-pay-here" lot. I have never missed a payment and have been a good customer. Since buying the car I have spent over $3,000 in repairs. I...
View ArticleThe Impact of a Voluntary Vehicle Surrender
Dear Experian, I am considering a voluntary vehicle surrender. What ramifications can I expect, both financially and on my credit report and credit scores if I agree to surrender my vehicle to the...
View ArticleHow Does a Repossession Affect Your Credit?
If you fall behind on your car payments, the consequences can be dire. Your loan could go into default, at which point the lender has the right to repossess your vehicle. No one wants a visit from the...
View ArticleHow Can I Stop My Car From Being Repossessed?
If you're behind on your car payments, your lender may decide to repossess your vehicle. Repossession can not only deprive you of your transportation method, but it can also damage your credit score....
View ArticleHow Do Voluntary Surrender and Repossession Differ?
Dear Experian, If I voluntarily surrender my car to the financial institution carrying the loan, will it make a difference on my credit report? Or is it a repossession no matter how it is repossessed?...
View ArticleHow Long Does It Take for a Repossession to Come off Your Credit?
Dear Experian, When determining when a car repossession will be removed from your credit report, how is the original delinquency date of the original auto loan determined? Is it based on the date of...
View ArticleHow Cosigners Are Affected When a Car Is Repossessed
You cosigned for your brother's auto loan with the best of intentions, and thought everything was going fine until you spotted a tow truck in his driveway. Not long after, he sends you a text saying...
View ArticleDoes Repossession Affect a Cosigner’s Credit?
When someone applies for a car loan, lenders check their credit score and credit history to determine if they're a safe borrower. If they have a limited credit history or low score, a lender may deny...
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What Happens if I Return My Car to the Lender Before I Finish Paying It Off?
Dear Experian, What happens if I return a car to the lender before I finish paying it off? What's the impact? - MTS Dear MTS, Returning your car to the lender before you are finished paying it off is...
View ArticleDo Repossession and Voluntary Surrender Appear on a Credit Report?
Dear Experian, How long does a derogatory closure of an account pertaining to an auto loan affect your credit scores? - EST Dear EST, A "derogatory closure" of an auto loan account most likely refers...
View ArticleHow Does Repossession Work?
If you have an auto loan, missing payments could cause more than just a ding in your credit history—it could result in you losing your car. Repossession happens when your lender or leasing company...
View ArticleCollection Accounts for Repossessed Car in Credit Report
Dear Experian, If you have had a vehicle repossessed, will it stay on your credit if the creditor keeps selling the papers to different creditors? - JNB Dear JNB, Your credit report is your credit...
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