Voluntary Repossession: Can lender place charge-off on credit reports
Voluntary repossession is still a repossession. Repossession of any type is considered very negative and will have a substantial impact on your credit report and credit scores.
Can a car loan be charged-off while making payments after car accident
Car finance company may have in its contract that a car loan can be charged-off even when making timely payments if the car is destroyed or stolen, or its value substantially depreciates.
What documentation should a bank send after car repossession in Texas
Texas Car Repo: Whether a car repossession in Texas is voluntary or involuntary, there are certain procedures that must be followed after the bank or finance company repos a car.
Will surrendering a vehicle save your credit scores
Surrendering your vehicle also known as voluntary repossession to the lender does not void the car loan contract. You are still responsible for the loan and deficiency balance.
Voluntary Repossession can end up on your credit reports
Voluntary Repossession: 4 Strategies to get voluntary and involuntary car repossessions from credit reports. Lenders must follow particular steps to collect deficiency balance.
Gap insurance can be misleading: It may not fully cover a totaled car
Gap insurance can be misleading, it’s not a catch-all policy that covers car payments under any circumstances. It may not cover the diminished value of your car after an accident.
Car Repo: Damage to credit doesn’t change when you reinstate a car loan
When you reinstate a loan due to car repo, the derogatory marks remain on credit reports that’s why these steps to rebuild credit after car repo are necessary
Should a car repossession be paid before applying for a mortgage loan
Having a repossession in your credit files may not prevent you from getting a mortgage loan but it’s best to have other positive credit to offset the repo.
Lenders can pursue deficiency balance with a voluntary repo
Question: I just had a question about a charge off on my credit report. I had a vehicle that was voluntarily repossessed in January. The car was charged off in April and placed on my credit report. The original balance was something like $14k. My Transunion Credit Report is showing that a payment of something…
Cross-Collateralization Clause May Cause Car Repo
Credit unions work out great for many consumers. They offer many benefits traditional banks cannot compete with. But there is a dirty little secret credit unions spring on unsuspecting members with vehicle loans, credit cards and personal loans. Cross-collateralization is a common policy at credit unions. Members experiencing financial difficulty are often shocked when they…