topic Re: Voluntary Repossession in Rebuilding Your Credit

Voluntary Repossession

MarylynMonroe — Thu, 10 Jan 2013 00:09:29 GMT

I bought a car back in 2007 from a buy here pay here. Big mistake, but I had no other options at the time. It had major issues and I was forced to take it back to them because I couldn't afford to pay for repairs and pay the note. They said it wouldn't be a repo because of all the issues I was having and they would gladly take it back. Mistake #2 I didn't get it in writing. Its showing up on my credit report but not as a repo, it just shows "30 days late". Nothing extra. How do I get this off my report?

Re: Voluntary Repossession

pizzadude — Thu, 10 Jan 2013 00:12:51 GMT

@MarylynMonroe wrote:
I bought a car back in 2007 from a buy here pay here. Big mistake, but I had no other options at the time. It had major issues and I was forced to take it back to them because I couldn't afford to pay for repairs and pay the note. They said it wouldn't be a repo because of all the issues I was having and they would gladly take it back. Mistake #2 I didn't get it in writing. Its showing up on my credit report but not as a repo, it just shows "30 days late". Nothing extra. How do I get this off my report?

So the only derogatory information on this account is a 30 day late ?? It doesn't show as a repo ?

If that is the case then I would be inclined to leave it alone....you certainly don't want the repo to report....

Re: Voluntary Repossession

MarylynMonroe — Thu, 10 Jan 2013 00:16:13 GMT

Yes that is all it shows 30 days past due. And only on Transunion. Since it was back in 2007 it should be gone next year right?

Re: Voluntary Repossession

llecs — Thu, 10 Jan 2013 00:17:43 GMT

@pizzadude wrote:

If that is the case then I would be inclined to leave it alone....you certainly don't want the repo to report....

A big +1. Doing anything, even writing via a GW letter or a friendly phone call could result in an update to a repo and that would tank your scores by lots on a clean report.

Re: Voluntary Repossession

pizzadude — Thu, 10 Jan 2013 00:20:17 GMT

@MarylynMonroe wrote:
Yes that is all it shows 30 days past due. And only on Transunion. Since it was back in 2007 it should be gone next year right?

If that's the case then I would recommend that you do not do anything at all. You are VERY fortunate that the repo didn't report, and you don't want to risk having it show up now. It's not worth the risk to remove a 30-day late that is 6 years old.

Re: Voluntary Repossession

doc101 — Thu, 10 Jan 2013 00:30:53 GMT

Just let nature take its course and get celebrate the 7 year anniversary date when it arrives this year

Re: Voluntary Repossession

Shogun — Thu, 10 Jan 2013 01:09:47 GMT

Another huge +1. Let it ride. 30 day lates are minor derogs, they start dwindling in about 6 months and after 2 years they don't really factor in. The AAoA of the account will help, plus you don't want them to update it.

Re: Voluntary Repossession

Anonymous — Thu, 10 Jan 2013 05:35:36 GMT

Don't do anything ! Take it from me 7 years with a repo on your report is awful. Trust me!

Re: Voluntary Repossession

Jutz — Thu, 10 Jan 2013 14:47:26 GMT

Yikes. +5 or whatever number we're on. That sounds like the most upstanding buy here pay here dealer ever. It's not even factoring in your score anymore, let it ride.

Re: Voluntary Repossession

rckstrscott — Thu, 10 Jan 2013 14:50:55 GMT

+1879

Re: Voluntary Repossession

fishbjc — Thu, 10 Jan 2013 15:06:01 GMT

Not only are you sexy and gorgeous (Marilyn), but LUCKY as well!!!