How to Report a Car for Repo
A car repossession adversely affects your credit score and will appear on your credit report for up to seven years afterward, until you have it removed. However, in some cases you may choose to report a car repossession to your lender. This will alleviate you of your responsibility to make the car payment. In cases, where you can not afford to make the car payment, this is always an option. The report is filed with your lender.
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Instructions
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Assess your current financial situation and decide if you really are unable to make your monthly car payments. Also consider the impact of the repossession on your credit report and determine if it is worth risking a low credit score. This may prevent you from getting a loan in the near future.
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Contact your lender by phone and speak to a lending representative. Have your loan account number in front of you. They will ask for this information when you call in.
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Inform the bank you are reporting your car for repossession and requesting a voluntary removal of the car from your possession. State your reasons if asked.
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Give the lender you car information including the Vehicle Identification Number (VIN) if required and the location of the car. This is your home address, or another address where the car will be located in the next few days.
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Leave the car in that location and remove all your personal items from the vehicle. A repossession agency may contact you and ask for a time and place to repossess the car. In some cases, the car will be repossessed without notice to you.
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References
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