How long does it take?

[Rozi]

Let's say you let do a voulntary repo on your car... How long does it take to get financing for another one? How does one buy another car?

[jetsfan2010]

In a case like that, you may have to opt for a buy here pay here car lot. Just make sure they report to the credit bureaus. Many do.

[bcohen]

Are you planning to surrender the car in bankruptcy, or do you simply plan to call the bank, admit you cannot afford the payments anymore and ask to give the car back? If you are surrendering the car in bankruptcy, then it is technically not a "voluntary repo" and will not show on your credit report as such. Also, any deficiency balance will be discharged in bankruptcy, but remain as a debt (and maybe eventually lead to a judgement) if you didn't file. Therefore, a potential lender will happily overlook the surrender in bankruptcy, but not a repo or "voluntary repo" outside of bankruptcy because the eventual deficiency judgement on the surrendered car could cause you to default on the new loan and/or file for bankruptcy protection!