Involuntary Repossession
Date: Wed, 02/25/2009 - 09:09
My car was repoed January 2008 and now on my creit report it says it is a charged off auto account. Why does in not state involuntary repossession? And how bad is this?
Since your debt has already already charged off, it will stay in
Since your debt has already already charged off, it will stay in your credit report for seven years and six months from the date of your last missed payment towards the debt, even if your car has been repossessed. A charge off can lower your score by as much as 100 points.
"Involuntary repossession" is never stated because nobody will voluntarily allow repossession of the car. Repossession is done only when you miss your payments on your auto loan. Repossession is bad for your score.
Actually the term voluntary reposession is commonly used....it o
Actually the term voluntary reposession is commonly used....it occurs when you turn the vehicle in vs having the repo man come to get it.
