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Unfortunately yes what the bank or creditor will do is sell the car most likely at auction for "X" amount. you end up liable for the difference between what they sell it for and the remaining balance of the loan.
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∙ 14y ago
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You returned a car to the dealership and its still showing on your credit?
Of course it is. You voluntarily turn the car in for repossession. It will stay on your credit report for 7 years.
What is the definition of repossession?
Repossession is when something is returned to its original owner. An example would be when a car payment is not made, and the owner of the car's title repossesses (takes back) the car.
Is money still owed if leased car is repossessed?
Yes, and potentially more than was owed before the repossession due to accrued fees.
Does repossession show on your credit report as soon as the car is taken or after it is auctioned?
It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.
Can the finance company report a repossession to the credit bureaus if the fees were paid and the car returned after five days?
""Car was reposssess."" You answered your own question.
You returned a car you purchased because you could not pay for it?
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
What to say when you want to do a car repossession?
If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does
Why is the bank reporting a car as a repossession when it was stolen and totaled and you are still paying for it?
Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.
If you are 3 months behind on your car payments can you still buy another car and let the other car go into repossession?
no
If you are threatened with a repossession can you pay the balance before they repossess the car?
IF the lender accepts it you can.
Where do you get car repossossion permit?
who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?
How do you write a car repossession letter?
How do you write a car repossession letter?
