How do you buy another car if you got a repo on your credit?
the easiest way is to save up a good down payment (usually around $1000.00,)then find a dealer who will do their own financing. be careful of some of these dealers. always get the car checked out by someone you trust. i have found some good deals on cars at these type of places,but you have to work on a good deal. ask a lot of questions and if you are not comfortable,dont buy. if you do find a car my other advice is make your payments.many local dealers will write a reccomendation letter for someone who does good business,which you can use later on when you can get a new vechicle.hope this helps
It is not hard.You will have to pay a higher rate of interest.A better way to go is to lease to build your credit back up.An even better way to go is to buy outright and save your money.Remember that the repo stays on your credit whether or not you continue to pay for the car or pay the loan off it is still there.
If a car is repossessed and the loan is paid in full and you get your car back do you still have a repo on your credit report?
this question can form a wide range of answers it depends on if you are willing to pay on the repo car how ever the most they can do is put it on your credit and it can stay on there for 7 years it will show on your credit report as repo ..a large number of people never pay off a repo car even if you do pay on it to try and save…
About the same as any repo. The impact is that you couldn't complete the agreement for whatever reason. Same as a repo. A repo is a repo is a repo. That is correct, there is no difference in voluntary and involuntary. Stays on your credit report for 7 years. Don't let it happen to you. It is not that bad ....in fact you can probably get another car just at a higherinterest rate... besides someone…
If your stepdaughter has defaulted on her car loan which is in your name solely and she is in TX and you are in NC and the car is financed in MS how can you easily repo her car from so far away?
If a car is repossessed and you pay the balance after they sell the car do they remove the Repo in your credit report?
AS far as your credit goes there isn't any a repo is a repo it stays on your credit for seven years.A voluntary repo can save you $200-300 in repo fees .You are still charged all the fees related to preparing the car for auction and auction fees etc. which run between $500-700 and up.And of course that is added to the balance after the the car is sold.
If you bought a car in Virginia and can no longer afford it can you do a voluntary repo and not have your wages garnished?
A repo is a repo, voluntary or not. Do not do a voluntary repo or any other repo. Terrible idea!!! Call the lender and work something out. See if you can find someone to take over the payments or possible sell the car to another part and pay off the loan. If you are upside down on the loan, then sell the car and borrow the balance to pay it off. Having your car reposed…
If you bought two cars in your name one for your brother and his was repossessed how will it affect your credit?
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.
If you voluntarily offer your car for repo in Colorado How much of the remaining debt can you be liable for?
The difference in what the car sells for and the balance on the loan, plus repo, and administrative costs. Very, very, bad idea to allow this to happen. Sit down with the lender and work something out. They do not want to repo your car. Voluntary repossession hurts your credit just as much as them initiating the repo. Your credit will suffer for 7 years. Do not allow this to happen, if at all possible,
A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A…
It depends on three things...1) How long ago was the repo? 2) What is your credit score like now? 3) Do you pay your bills on time? Dealers work with several lenders who will finance people in your situation although the interest rate on your loan will most likely be higher than someone without a repo on their credit.
If you give up your car, cancel your insurance, as you don't need insurance if you don't own a car. If you are talking about a voluntary repossession, the answer, is possibly, on another car. A repo is a repo, no matter if it is voluntary or not. Your credit will be damaged for 7 years, and this may effect you insurance rates. Don't do it or let it happen. Contact the lender and work…
Can your lender place liens or judgments on your credit for the balance owed if you do a voluntary repo?
If you voluntary repo 1 of your 2 cars in Louisiana when would you be able to buy a home if you keep paying your other car and everything else on time?
That depends on the lenders qualifications for a home loan. Some will, some wont. The repo is on your credit.. voluntary or not go down talk to a good home loan person and find out what they think.Don't forget the bank will still come after you for the balance on the car loan plus fees etc.so that too will show up on your credit.
If your loan is current and you turn the vehicle back in to the lender can it still be reported as a repo?
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years…
This is what's known as a "self-repo". Basically once you stop making payments on a car for a period of time, the financer will soon move to repossess your car. This is as simple as coming and towing your car from your house very early in the morning. The other way around is to call your financer and tell them to come and repo the car because you can't afford it anymore. However, it does…
If you reinstate the loan within five business days will your credit not be affected by the repossession?
Mea, dont be snowballed by yo lender. A repo is a repo. IF you or your Dad were worried about his credit, chances are that it would not have gotten to repo stage. Anyway, the lender calls the shots on reporting repos to credit bureaus, so, play their game. Go get yo car and see if it shows up. Good Luck