(in)Voluntary REPO: how giving a car back works and impact on credit score
HTML-код
- Опубликовано: 10 мар 2024
- In today's video, we're diving deep into the world of delinquent auto loans-a topic that's far more serious than most realize, often likening to "mini bankruptcies."
📝 🤫 My Cheat Sheet: www.negotiationguides.com/sto...
www.consumeraffairs.com/autom...
If you're familiar with my channel, you know that I've assisted thousands in navigating the complexities of buying and leasing cars. It's not uncommon to hear stories of repossessions from my clients, but what's remarkable is their resilience and capacity to bounce back swiftly.
Throughout my career, I've encountered hundreds of different scenarios involving auto loans and repossessions. Today, I'm sharing those real-world anecdotes to shed light on what happens when you fail to meet your car payments and the quickened pace at which cars are being repossessed. We'll also touch base on why keeping communication lines open with your lender can significantly affect the outcome and potentially lower repossession costs.
Repossession laws vary by state, and we're diving into specifics for states like Alaska, Arizona, California, Connecticut, Delaware, Florida, Georgia, Illinois, and Minnesota. I'll guide you through what to do if you're facing repossession, how costs are calculated post-repossession, and the profound impact this could have on your credit score. Moreover, we'll explore the nuances of lease contracts and voluntary repossession options that could save you from additional financial strain.
For those navigating the precarious road of auto loans and repossessions, this video offers a beacon of hope and practical advice. Don't forget to check the link in the description below for more detailed information on repossession laws in the mentioned states.
If this video provided you with valuable insights, please consider subscribing to our channel for more guidance on auto loans, leasing cars, and how to recover from financial setbacks. Thank you for watching, and see you in the next one!
auto loans,delinquent auto loans,car repossession,credit score impact,voluntary repossession,car lease advice,financial recovery,car auction,loan default,lease termination,car loan advice,auto financing,credit repair,recovery after repossession,state repossession laws,towing and recovery,towing costs,auto loan assistance,lease obligations,car buying tips
#autoloans #delinquentautoloans #carrepossession #creditscore #voluntaryrepossession #carlease #financialrecovery #carauction #loandefault #leasetermination #carloanadvice #autofinancing #creditrepair #repossessionrecovery #repossessionlaws #towingcosts #autoloanhelp #leaseobligations #carbuyingtips #vehiclefinance 
Авто/Мото
Great advice thank you
Informative, plus you sound Mark Ruffalo 👍
Now I can’t unhear it.
dealership never gave me a loaner vehicle, for vehicle repair
😊Is it better to get replacement car first, albeit high interest rate, if possible or voluntarily turn in current? After all most will need transport of some sort.
Yeah
2:27??? What’s that about?
i have a repo oin my credit they took the car years ago keep reporting it on my credit how do i handle this
Wait foreal?
How much points did your credit drop
it will drop off in 7 years and look up credit repair and learn teh process
@@therealmvpee yes about 10 points Everytime they report
@@brendasmith4220 man should I just voluntarily turn it in? I’m in the same situation
the idea is after a Repo is to Pay cash
Wym?
why worry about car loans? just do buy here pay here-- or put money on teh side and just buy a car like you should have the first time
Well some young people even older adults make bad financial decisions when buying a car everybody makes mistakes
Just file for bankruptcy and u will have a new car in no time lol
And repo will stay on your credit report for 7 years.