Auto repossessions — whether voluntary (that is, you surrender your car to the lender when you know that you can't make payments) or involuntary (that is, your car is taken back by the lender after you miss payments) — are reported to credit bureaus by your creditor. The information remains on your report for seven years. Either type of repossession is considered a very negative remark in a person's credit report. The only thing that can improve your credit rating is time. The further out you are from the date of the repossession, the less damaging the repossession remark will be, assuming that you've managed your credit wisely since then.
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