Reposession On Your Credit Report

is There a Difference in Voluntary Reposession & Involuntary Reposession on Your Credit Report ?!!!

is there a difference, if so, what is it, and which would look better on your credit report? Any help/advice is greatly appreciated.Thanks!

The Answer : Auto finance is what I do for a living and all of the other posters are correct.Credit wise there is no difference.

The bad thing about repossessions without a bankruptcy to explain it is they will ruin your credit for several years and make it very hard to get any other types of loans without making massive down payments, paying huge fees and State maximum interest rates.After the car goes back the lender will sell it at auction for far less then it's worth and come after you for the difference plus all fees for towing, storage, reconditioning, interest, lawyers and anything else they can think of.

This will amount to several thousand dollars and if you do not pay they can take you to court, get a judgment and attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own.If there is any way you can avoid this, do so.Sell the car and take out a loan so you can pay the difference, this will be much cheaper in the long run and not ruin your credit.