Credit score of 654 how bad would a volunteer reposession for a car affect your credit?

A voluntary repossession will have a very negative impact on your credit score; however, the damage may not be noticeable immediately. You will still be obligated to repay the loan although you are not in possession of the vehicle. The bank that holds the lien on your car (Honda Financial, Toyota Financial, GMAC, etc.) will sell your former vehicle at an auction and they will only receive a portion of whatever you currently owe. You will be responsible to repay the rest! Because you are not repaying the original auto loan, you credit report will begin to show missed payments for every month that you don’t pay (if it doesn’t already show missed payments already). Payment history makes up 30% of your credit score; as missed payments start to plague you credit profile, you score will eventually plummet to the 500 to 550 range. If you have other accounts (credit cards, personal loans, etc.) in good standing the damage won’t be as bad. Note: consider filing bankruptcy, you may be able to keep you vehicle. And the damage to your credit profile is not as bad as the damage from the missed payments.