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After a very recent repossession when you are applying to get another car should you tell them about the repossession if it hasn't shown up on your record yet?
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Answered 2015-07-15 21:43:59
Depends on whom you are applying to. Tote-a-note lots uaually don't care as long as you have a down payment. Banks will find out asap, anyway. You see, the lender who repoed will show that you have been in default for 30-??? days and when they check, bingo. Oh, Joe Blow, yeah, we had to repo his car 2 days ago. good Luck
You'll need to answer the application honestly and, perhaps have a good explanation as to why the repossession occurred. For instance, if you are trying to buy a car with the same payment that you could not afford before, it doesn't make logical sense. You could say how you have changed the way you are going to be paying. Still, it might be better to buy a car for less money or a reduced payment from the previous car.
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