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If your car was repossessed but you paid it off two days later will that still affect your credit?
Wiki User
∙ 18y ago
Sorry 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 them around after the fact like so many people do hopefully you catch someone in a good mood.P.S. hurry before they have the oppertunnity to report it.Good luck and I hope this helped you. If you show up two hours after the store closes, is it still closed? I don't buy that showing up to the store crap for a second. That's a quiters answer. I've showed up to a closed store before and knocked on the window and gotten them to let me in. I made a $1200 purchase and we were both happy. It's never over till they say it's over...and even then I am a pain in the ass to get rid of. Your bank controls what is reported and the first answer is not a bad one. Go down and talk to the lender. Sometimes people have long standing relationships with banks and do a lot of other business other than vehicle loans. I know someone who had three great mortgages thru his bank and a great standing reputation. He had a son who stopped paying and the car was repoed. The guy paid the fees and took care of it. They didn't dink his credit cause they know he is a good customer. It's case by case but it's not written in some holy bible of bank laws that they have to report. Actually no one is required to report by any laws other than corporate procedures. I am a collector at a Credit Union in Utah and we do not report a repossession to your credit if you redeem the vehicle or pay it off within ten days of the repossession. We only report the repossession to your credit if you do not redeem the vehicle within ten days or if you are threatening or inhibit the repossession process either physically or verbally. We reserve the right to report the repossession even if you redeem the vehicle. We choose not to in 99% of the cases that redeem in ten days to motivate them to redeem.
Wiki User
∙ 18y ago
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If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
What are the best ways to rebuild your credit after your car was repossessed?
Paying off what still owed on the loan is a GREAT start.
Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?
YES, you pay all the loan amount, sooner or later.
If a car is repossessed and the loan is paid in full and you get your car back do you still have a repo on your credit report?
IF the lender posts a repo on your CR, you have one. You will have the repo on your credit report, but it should also show up as "redeemed".
Does bankruptcy eradicate credit card debt?
NO... the debt remains on file with the creditor. If you apply for credit at a later date (after the bankruptcy has been resolved) - your history will still be available to anyone who does a credit search on your name. Creditors can still come after you for their money if you re-start a credit account.
If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
If you voluntarily let your car be repossessed by the lender do you still have to pay on the loan?
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
What are the best ways to rebuild your credit after your car was repossessed?
Paying off what still owed on the loan is a GREAT start.
Your vehicle was repossessed and sold at the auction after the fees you still owe 292 how will this reflect on your credit IF you pay it off?
It will show as paid or satisfied.
What can you do with a car that is still financed but has a blown engine and is not worth fixing?
Continue to make the payments if you value your credit score Otherwise it will be repossessed running or not and that's a big black mark on your credit
I had a car repossessed 4 years ago but my credit report does not mention repossession only account sent to collections?
This is better for you since is happened over two years ago. However, it will still affect your score. As written in a Phil Turner's book titled "The Credit Bible." I would sugguest that you do nothing for now and try to add good credit to your profile e.g a Secure Credit Card and Merchandising Card. This will really help your score and won't affect your from getting another car since they are more concern with your score. Also you still have a family member to add you to their credit card but don't have the card in your possession. This way they can be assure that you want use the card and affect their credit. This will increase your score greatly however, this method is coming under fire recently. It is still an option for now.
Is it better to turn your car in that to have it repossessed?
It will still show up as a repo on your credit report, even if you brought the car back and told them you can't pay for it.
If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.
Do you still have to pay part of the loan depending on the value of the car if it is repossessed in California?
YES, you pay all the loan amount, sooner or later.
If a car is repossessed and you agree to make some kind of payments ever month will they still list it on your credit as a repo?
Yes but it will also list that you are making payments!
If a car is repossessed and the loan is paid in full and you get your car back do you still have a repo on your credit report?
IF the lender posts a repo on your CR, you have one. You will have the repo on your credit report, but it should also show up as "redeemed".
In Virginia can a credit company repossess your car and still demand the money owed above the value of the car?
When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.
