After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?

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The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
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Does it still hurt your credit if your car was repossessed but you then paid off the loan in full?

Yes - but before you pay it off in full you can try get the finanance company to change what it says on your credit bureau by holding the payoff money up in their face - I would get any promises in writing.After you pay it off - your credit bureau says Repoed then paid off. It could look to another (MORE)

Where can you buy repossessed cars?

Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got (MORE)

Where can you get a loan to buy back your car that was repossessed?

Answer . Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rating.\nWith a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck.

How long does a repossession stay on your credit report?

Repo on Your Credit It stays on your credit report for 7 years to the day the loan became delinquent. Say you made your last complete up to date car payment August 15, 2001 and you fell behind about a month after that staying one month behind until December when you missed another payment becoming (MORE)

If you have been told you have a delinquent debt with a car repossession that was charged off in 1994 can this debt be placed on your current credit report even though you have denied ever owning the car?

A repossession that is over seven years old is not supposed to be on your credit report. It is not unusual for a collection agency to illegaly "reage" a debt in order to try to pressure you to pay. From your post it does not appear that you know what is on your credit report. If you have been denied (MORE)

If one car was repossessed and you are making payments on another car can they take your only car even though you owe on it?

If payments are current and there has been no breach of the loan contract the car cannot legally be repossesed. It is highly unlikely that any lender would want to initiate such proceedings if they are getting paid in a timely fashion. Repo is the last thing a lender wants to do. Even though bankru (MORE)

How do you buy a repossessed car?

If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca (MORE)

If your car was repossessed but you paid it off two days later will that still affect your credit?

Answer . \nSorry my friend a repo is a repo now if it would of been 2 days before.Now what I would do is get ahold of the bank preferrably with some brownies in your hand and do some begging maybe just maybe they help you since it takes effort on there part to report it and besides you didnt yank (MORE)

Can you buy another car after a repossession?

Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment (MORE)

Can your car be repossessed when you have paid off the loan but have not received the title?

Answer . Most states have a law that requires that the title be sent within 3, 10 or 30 days of final payment being made. The law usually doesn't have much in the way of teeth, so you may need to remind the lending institution that the loan has been paid and that you want the title. After you hav (MORE)

Can a car be repossessed if you have paid a third of the balance?

Answer . Yes because payments are still owed.. Answer . \nThere is a law that applies to Native Americans living on official reservations that prohibits repossession of a vehicle if a specified amount has already been paid. In addition, repossessing a vehicle from a Native American reservat (MORE)

How long does it take for a car to be repossessed after the request was made to repossess it?

Answer . \nThe time frame depends upon the lender.\n. \nRegardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same.\n. \nThe borrower will be responsible for any deficiency between the amount that the repos (MORE)

If a car is repossessed does the loan still have to be paid off?

Yes. The car will be sold at a public auction and the borrowers will be responsible for any difference between the selling price and the loan balance plus the allowable repossession and other fees. The lender is legally required to make a reasonable attempt to get the fair market value of the vehicl (MORE)

How long does a buy here pay here take to get a car repossessed?

Answer . Every company is different..collections start the minute a payment goes past due. Usually the repo starts after 3 pmts are due maybe sooner if there are no communications with the customer or maybe later if someone has managed to stall off the repo.

How long can your car be held from you after you have paid the repossession fees and back payments?

The lienholder is generally not required to return the car unlessthe loan is entirely paid off. They may choose to do so upon receipt of backpayments and reposession fees (or any other arrangment theynegotiate with you), but that's up to them. If you have a historyof sending bad checks, it's reas (MORE)

If you do a volunteer repossession on your car how long would it stay on your credit depending on Florida laws?

A repossession is a repossession, no matter if it is voluntary or not. Stays on your credit report for 7 years. Avoid this if at all possible.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lea (MORE)

What is the catch in buying repossessed cars?

The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the (MORE)

Where can you buy repossessed cars from?

Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you (MORE)

If a car is repossessed does the car loan have to be paid off?

Well, that all depends on who is taking the car and why. If the bank that financed the car has repossessed it, then maybe...maybe not: It all depends on how much the sale of the item brings. The proceeds will not only have to be enough to cover the loan, but the costs incurred to recover, store, and (MORE)

How much money do you get paid for repossessing a car?

I'm sure it depends on where you are, but the finance company that I used to work for paid between $150 and $300 per car, depending whether the customer voluntarily surrendered the car or whether the repo agent had to take it.

If i paid for my repossessed car why cant i get it back?

Besides the overdue payments on the vehicle, there are also towing and storage fees. The company that has physical possession of your vehicle (actually has YOUR vehicle in THEIR lot) should be able to tell you how much is still owed and to whom.

Can a car be repossessed after been paid off under chapter 7 bankruptcy?

Yes, and no. It depends on if your creditors responded to the notification AND showed up in court for the bankruptcy hearing. IF they did file the correct paperwork, then YES the lending company can repossess the car. IF the lending company DID NOT file a letter of interest/intent AND you listed it (MORE)

How long can a repossession stay on your credit report?

This is tricky. There is no actual listing of the repossession on your credit report. There is a notation in relation to the debt owed. For example: say you borrowed the money for your car from ABC Bank. ABC Bank will then show as a credit action on your report. Next to that will be the balance o (MORE)

How long will a car repossession be on credit?

Like other credit items in your history (other than bankruptcy) it will remain on your credit report for 7 years. You may be able to have it removed sooner if it is not documented properly.

Does a private party have the right to repossess a car for not doing the title transfer even though the loan was paid?

It depends upon the laws of the state in which the vehicle is sold and/or to be titled. Engaging in a self help solution (repossession of vehicle) may not be the best choice, as it could possibly legally complicate matters further. The best option if for the seller to contact the state DMV explain (MORE)

How long can a repossessed car stay on your credit?

Laws vary by state. Seven years is a general rule of thumb.However, there is the potential for it to be perpetual - the lendercan "sell" your debt to another company, who in turn add a fee andinterest, and it remains on your credit report. Ten years is thefederal upper limit though.

Can you buy another car even though is repossessed?

If you have had a car repossessed, you have not kept up with thepayments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford topurchase another car and would not be able to obtain the finance todo so.