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How much will a voluntary repossession drop your credit score?
How many points will a voluntary repo drop my credit score? I can't pay for my car note. I was thinking about handing the keys back to the lender, but I'm worried about my credit score.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“In the grand scheme of your
credit score
, a voluntary repo is just the same as an involuntary repo. Expect your credit score to drop anywhere from 50 to 150 points, depending on other credit factors.
That’s not to say you should sit back and let your lender take your car. You might still be able to make arrangements with them.
Call your lender now; they may be willing to work out a deal so you don’t have to voluntarily repo your vehicle.
If you need transportation after surrendering your car, you can use:
View full answer
- Gregory R.
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