I’m currently paying an auto loan from Navy Federal and can no longer make the payments. Will a voluntary repossession hurt my chances of getting an apartment? It’ll pretty much be the one and only negative thing of my credit.
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Would a voluntary repossession hurt my chances of getting an apartment?
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It really depends on the landlord.
It depends on your credit score. Most management companies require you to have decent credit, good work history, good income – you need to make at least 3x’s the amount of the monthly rent, and no criminal past. Typically if you are lacking in one of these areas, an apartment community might charge an additional deposit or one months rent upfront. Renting from an individual might be a different story as their requirements vary.