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.

Answer provided by
Eric Schad
Answered on Jul 12, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“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:
  • public transportation
  • carpool
  • a rideshare service
  • rent a car

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