Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
Hello. My name is***** will be happy to answer your question.I am sorry to hear about this unfortunate situation.
Unfortunately, returning the car to the dealer is legally considered "voluntary repossession" and it can be reported and stay on the person's credit report for up to 7 years from the time of the repossession.
The only option generally, would be to attempt to negotiate a resolution with the dealer, where it might be possible to compensate dealer for set amount of damages related to the repossession, in exchange for the dealer removing the repossession report and reporting loan account as paid.
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