A car reposession will leave a major black spot on your credit rating for 7 years.
Cars repossessed laws in Canada a vary by provine.Whether your car will be repossessed depends on such factors as the province you live in and how for behind you are with your payments.Vehicle repossessed is negative impact on your credit rating. If you want more information email me at natalsiapatterson34@gmail.com
Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.
For the more expensive cars you will need a good credit rating,you credit rating is a way of letting the lender know how much he or she can lend you with the probability of you paying it back.
One could search for repossessed cars for sale online at the websites provided by the companies Repo Direct, Auto Bid Master, Repos 4 Sale, Cars for Sale, Bank Repossessed cars and Repossessed Cars Sale.
Repossessed cars are usually auctioned off in the county they were repoed in, you can also try this link to help find repossessed cars, http://ultracarfinder.com/
Repossession of any chattel (boats, cars, anything) will adversely affect your credit, so you may not be able to establish new credit for a few years. If you promised to pay for something, and you didn't, the general answer is that the agrieved party (lender in your case) can sue to recover the amount you owe, less the amount they recover by selling the repossessed property, plus interest, fees, attorneys fees and court costs.
It will be just like if your car was repoed. Repo on your CR,ect. The lender will collect any balance due after its sold from YOU. It's a repo on your credit, probably yours alone. This is referred to (buy lenders) as a straw purchase, if your brother's not a cosigner. People do this to get loans for friends and family who can't pass credit.
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles.
Your local car auction can provide you with a great selection of repossessed cars and trucks. You can contact banks and lending istituions for a list of cars tey have for sale most cars are sold at auction.
They check them out and resell them after that for a cheap price.
They get resold as used cars to make some of the money back.
You can, but you should be prepared to pay a lot more in interest rates and fees. There are some credit cards through legitimate banks that can help your credit rating, but it is more difficult.