The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.
Goes on your credit as a repossession.
if convicted of dwi insurer can deny coverge for named insured and spouses cars if no lienholder.
It has the same effect on the credit.
If your name was on the note, yes.
No. You cannot shift your obligation for support to the child.No. You cannot shift your obligation for support to the child.No. You cannot shift your obligation for support to the child.No. You cannot shift your obligation for support to the child.
For that to happen, the lienholder would have to take you to court for the balance of the lien, and a garnishment would have to be placed against you by a judge.
The only person it affects is the person the item is being repossessed from. Unless, one of the family members is a co-signer on a loan of the repossessed item. Then, they can bear the responsibility of repaying the loan and it will show on their credit report as well. I'm not aware of what is being repossessed, but the implications of repossessions may affect others...just not financially, unless taxes are involved (like a home).
Only if the dealer reports it to the credit bureaus.
Yes it can and will effect your credit
A car reposession will leave a major black spot on your credit rating for 7 years.
-- mass of the vehicle -- speed of the vehicle
It holds it down.