answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2015-07-15 21:44:26
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: How bad is it for your credit to have a leased car voluntarily repossessed?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?

It has the same effect on the credit.


What bad things go on your credit history if a vehicle is repossessed?

Slow pay, repo, and it gets worse from there.


How do you buy a repossessed mobile home w bad credit?

You cannot borrow money if you have poor credit. Try to see if the seller will take payments.


If a car is repossessed will the co-signer be left with bad credit?

Yes he/she is just as responsible for the loan as the signor of the loan.


Can a cosigner help you get an automobile if your other automobile was repossessed?

this is the main reason why people need someone to sign for them.(bad credit) the answer is yes


If you have a 2003 van which is not conducive for a disabled senior can you have it voluntarily repossessed?

You certainly can have it repoed in any manner you like. Vol or invol, not much difference. Its BAD for your credit any way you go. You will be responsible for any balance due after the van is sold. Any way to make the van "conducive" for a disabled senior???


What happens to your credit when you give a car back to the bank?

You are not giving it back to the bank, you are having your car voluntarily repossessed. It ruins your credit for 7 years. Which may sound like a bad thing, but in reality will keep you from buying more car than you can afford for the next 7 years, which is a good thing. Remember if you do this, you will still be responsible for the difference in what the bank sells the car for, and the balance on the loan.


If you voluntarily decrease a credit limit on a credit card does this look bad on your credit score?

i can only give you my opn **IT WOULD LOOK LIKE FOR SOME REASON like your credit card company lowered your limit do not do it. JUDE KAGABINES LEXINGTON SC


What will happen if voluntarily let car be repossessed if finaced through a dealer that deals in bad credit loans and not actually a bank?

Now this is kind of a tricky question because if your talking about buy here pay here most don't report to the credit co. trans union,equifax etc.so chances are good it wont hurt your credit but at the same rate it wouldn't help your credit either.But beware if you screwed one bad he has every right to sue the rest of what pants you have off so be fair with whoever your dealing with and always remember to treat others as you would want to be treated.


If there was no credit check when you purchased a used car will it go on your credit record if it is repossessed?

Yes it will most definatly go against your credit report. A credit check is only to provide a lender with a picture of your credit history. it has nothing to do with wether or not you have good credit or bad credit in its self. wether or not you pay your bills on time and how much you owe is what determines your credit rating. if you do not pay your bills your credit rating will suffer and fewer institutions will lend to you. when they view your credit report they will see you as a bad risk.


What is a bad credit report?

A report about your credit that is bad.


What bank you can go to get a bad credit loan you and your wife have bad credit?

Yes, you can get Bad Credit Loan.

People also asked