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How do I remove any information on my credit report pertaining to Auto-Repo and Charge Off?

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I'm currently delinquent on my Auto-loan with M&T Bank and currently is out for reposession. I just spoke to the manager and looking to do a voluntary Repo of the vehicle. I couldn't get exact information on the Credit Board regaridng this, but below are my questions:

 

1. I understand this stays on my credit for 7 years just like any other bad-credit history that could be bumped off. Is it the same with the Vehicle Repo? Can I bump this from my report just like any other credit pulls?

2. What are the other consequences of a Voluntary Repo?

 

Thanks,

Jd

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Bumpage is for inquiries.

 

1. You have the right to have inaccurate information removed from your reports. If the information is accurate, plan on it staying for 7-ish years.

 

2. There is really no difference between a voluntary and nonvoluntary repo other than you have some warning and can get your stuff out of the car before they come get it. it will not show any different on your credit and legally there is no difference. You may want to see if you can work out some settlement with the bank before they take the car. Once they do they'll auction it off for cheap and you'll still be on the hook for the difference. (in most states)

 

Here is what I did years ago, and I'm not recommending this, just telling a story, I hid a car in a friend's garage for almost a year while the repo guys tried to find it. They went to my house, my inlaws house 2 states away, etc etc etc. Couldn't find it. Finally the finance company sued me. I negotiated a settlement where they dismissed the suit and provided me with a release from all past and future liability in exchange for the car and $500. Months later when it hit my credit as a repo and chargeoff I was able to use the settlement agreement to change it into a paid in full account.

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You should do what ever you can to prevent a repo. If you can't get caught up then you should talk to the creditor to see if they will agree to letting you sell the car yourself ASAP to reduce the amount of the deficiency. They will sell it for a LOT less at auction. You selling the car saves them time and storage hassle so they may be willing to do that. Might work if you can offer some type of payment while trying to sell the car. You'll still be stuck with late payments on your reports but thats much better than a repo. They may even work with you on that. Be proactive!!!

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