My car is about to be repossessed. I spoke to the lender who has the second mortgage on our house concerning how bad this would be on my credit report. This particular lender is CitiFinancial. I was told that car payments are not looked at as crucially as credit cards, rent or mortgage payments, and utility bills. If I get my mortgage payments in on time and pay my credit cards down within two years, then I can probably buy just about anything because it will look like the car payments were indeed too high at the time and getting rid of them helped me to get back on track. She said when they are processing a mortgage, car payments are the last thing they look at because people change cars every two to three years and those payments change with the car. She said there is also the possibility of an accident where the car is totaled and ends up being paid off by insurance. There are just too many variables with cars, so they don't pay a lot of attention to the payment pattern or lack of it.
first of all being told by a lender that car payments are not looked at as crucially as credit cards, rent or mortgage payments, and utility bills. Is totally NOT TRUE.....Your lender is feeding you with lies.
My husband has a repo on his credit record and he voluntarily gave the car back thinking the same thing. And Boy was he wrong. 3 years later and he still cant get a car loan, house loan, credit card loan.... his credit is shot just because of the darn repo. We have tried everything.
Finance Co. look at all parts of your credit when going for a loan. and a big part of it is if you have paid your car payment on time... My advice to you is try very hard not toget a repo voluntary or not.... the word "repo" on your credit is not just looked over. Its a big mark that stands-out reguardless how long ago, or if the payments were too high.
Any repo is bad.
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