HOW LONG DOES AUTO REPROSSESSION STAY ON YOUR CREDIT REPORT

Dear Uncle,

For how long does a voluntary repo of a car stay on your credit report?

[Unsigned}
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Unsigned,

To the best of my knowledge, car repossession, like most other items, remains on your credit report for 7 years. This does not mean you can not take steps to repair your credit earlier.

Voluntary repossession should be avoided. If a creditor repossesses your car and sells it, you still owe the unpaid balance PLUS cost of the repossession. EXAMPLE: You owe 4000 on the car. It is repossessed and stored at a cost of $500. The car is sold for $2500. You still owe $2000.
Uncle Jim does not trust people to do the best they can for you under the worst conditions. What if the dealer sells the car for much less than it is worth? What about suspicious damage or missing parts? You could take a bigger hit than you deserve.
Avoid repossession.

Everybody's Uncle