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Laws vary by state. Seven years is a general rule of thumb. However, there is the potential for it to be perpetual - the lender can "sell" your debt to another company, who in turn add a fee and interest, and it remains on your credit report. Ten years is the federal upper limit though.
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∙ 10y ago
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If a car was repossessed how long does it stay on your credit before it is removed?
7 years
After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
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.
If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?
No, because you have your own separate credit report.
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
Can a cosigners credit get the car repossessed?
As long as the loan for the unit is paid each month, the collateral will never be repo'd.
If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?
yes
If your car is repossessed and you pay to get it back does it stay on your credit as a repo?
It is up to the LENDER to report a repo. Usually they DO report it and it stays on your CR for 7 years.
How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?
It has the same effect on the credit.
How soon can you buy a car after a car has been repossessed?
You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.
How can a car repossession be on your credit report when your car was not repossessed?
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
How much would it hurt your credit if the car you co-signed for gets repossessed?
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
Can your car be considered repossessed and put on your credit report as repossessed if they never picked up the car?
Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.
