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How Much Does a Voluntary Repossession Affect Your Credit?

Sawin & Shea

Voluntary repossession is sometimes the best option for borrowers who can no longer afford their car payments. So how much does voluntary repossession affect your credit? Should I Allow a Voluntary Repossession with No Late Payments? What Is Voluntary Repossession?

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How to Remove a Repossession From Your Credit Reports

Better Credit Blog

In lending terms, this is called repossession. Read on to find out how to remove an invalid repossession from your credit report. A repossession could happen in two ways: You could surrender the vehicle voluntarily and retain some control over the process. Either kind of repossession hurts your credit score.


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CFPB Moves to Thwart Illegal Auto Repossessions

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market.

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How to Handle Vehicle Repossession

Nerd Wallet

If you think your car could be repossessed, you might feel that you’ve reached the end of the road. But there may still be ways to avoid repossession or, barring that, lessen its damage. Here’s how repossession works: If you have missed several payments on your vehicle, the lender can repossess your car and sell.

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Recovering Personal Property Collateral: When Should Secured Creditors Consider Replevin Instead of Self-Help Repossession?

Jimerson Firm

Many secured creditors are aware of the right to “self-help” repossession—a process that is often fraught with risks and limited to the recovery of assets with a known location. When it comes to recovery personal property and assets, Florida creditors generally have two options for recovery: Self-Help Repossession; and. 2d 752 (Fla.

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CFPB Warns Auto Finance Companies About Inadvertent Repossessions

Troutman Sanders

On February 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a bulletin and accompanying press release , highlighting an issue that the agency has written about frequently over the past several years: inadvertent repossessions. Failing to cancel active repossession orders when a consumer files for bankruptcy.

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Indiana Consumer Law Group

It is my hope in these trying times that creditors exercise restraint and avoid repossessions altogether. Unfortunately, I am afraid that repossessions are still going to occur during the Coronavirus Covid-19 pandemic. If you are reading this, you are probably either concerned about your car being repossessed or it already has.