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If you had an excellent FICO score in the 800s but were the primary borrower on a leased car that was repossessed because of the cosignee how badly will this hit your credit?
Wiki User
∙ 18y ago
You can provide copies of cancelled checks when applying for future credit, and this may help you in obtaining future credit, but the fact remains, the repo is going to ding your credit quite severely. The reason being, you are the primary signer, and therefore the one held legally responsible for whatever happens with the account. You may attempt to contact the credit bureaus to try and explain this to them, and they will automatically place a dispute note on the account while they investigate, but chances are, they will come back and tell you there is nothing they can do. Your credit score will be affected rather severely as well. I have seen someone's fico drop from a 750 to a 620 due to a string of mortgage lates caused by the cosigner on the loan. It is amazing how quick the credit bureaus report the bad stuff, but good luck getting rid of it. I am sorry for your situation, and I wish I had better news, but unfortunately, that is the way it is. You may want to call the lender or lessor on the account, and ask if they will delete the account if it is paid, as there are some lenders which will do this. If they will, it would be worth it to pay the balance, get it off your credit report, and take the cosigner to court for reimbursement. Good luck.
Wiki User
∙ 18y ago
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What date is used in cancellation of debt the last payment or when the vehicle was given back?
The debt is not cancelled simply because the vehicle was repossessed. The borrower is still responsible for the existing amount of the loan (if any) after the vehicle has been sold at public auction.
Your car company has paper work stating that your car was repossessed and sold at auction but in reality you still have possession of the car because they did not want it how do you get the title?
A title will only be given to the borrower when the financial agreement has been paid in full or the lender has accepted a different agreement offer. A clear title cannot be issued to the borrower until the lender/lien holder signs it over.
What happens when there is a voluntary repossession of a vehicle and you cannot pay the remaining 13237 debt because you are unemployed and looking for a job?
The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.
Do you have to capitalize borrower?
No, because it isnot a propernoun.
Why borrowers considered as the slaves of the lenders?
Because - the borrower is 'in debt' to the lender until the borrower either returns the object (or money) borrowed.
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.
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
You want your house repossessed?
no i dont think any body would like their house repossessed because that will mean your a tramp, then u will be put in a dangerous place .. :'(
Can a car borrower add his sister to the vehicle registration if she is not on the loan?
NO Because there is a lien on it.
If a co-signer has taken possession of a vehicle because the borrower became delinquent is the co-signer now responsible for all payments on the car?
If the primary borrower has defaulted on the vehicle loan, the co-signer will need to make regularly scheduled payments and any that have been missed. If the co-signer is unable to do this, the vehicle may be repossessed by the lender. In which case both the primary borrower and co-signer will be responsible for any deficiency and fees incurred when the vehicle is sold. The repossession will also appear on both person's credit report. It would be advisable to contact the lender to discover what options might be available pertaining to the specific circumstances.
Does gap insurance protect you if your car is repossessed?
yes, because it is so stupied that it is how i think
Can a car be repossessed because someone is borrowing it?
I wanted to add to my original question...Our car was repossessed by the finance company because they said they found out someone else was using the car because of car payments being sent from a different address. AND, they stated that they wanted to see the condition of the car. I thought a car would only be repossessed if you were late on payments? I have never heard of this, so I don't know what is going on.
