How do you repair credit after a car repossession?
A repossession will be reported by your bank to the credit bureaus after your car has been repossessed. Obviously this will drastically lower your credit score if you owed a lot of money and if it was recent.
The best thing you can do is contact your bank, especially if you have a good relationship with them and try to work out a deal. If any amount is owed you can use that as a bargaining chip to have them remove the negative listing upon payment. If nothing is owed, they just took your car you don't have much to negotiate with.
You can also dispute the repossession to the credit bureaus. You send a dispute letter to them asking for verification on the repossession. They must investigate the item with your bank. If it isn't verified with in 30 days it must be removed from your credit reports. The older the item the better chance of it coming off.
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
If the account contains any incorrect, incomplete, misleading, erroneus, or misleading information, the repossession may be deleted from your credit report. But you do not need to hire a lawyer and pay thousands of dollars. You can hire a credit repair service which will be a lot more cost effective.
I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?
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.
One option is to pursue credit repair through a credible company such as Lexington Law or Accurise. These companies have been in the industry for years and can dispute errors on your credit report. However, in certain situations you won't be able to "fix" the repossession on your credit report and will have to wait for the incident to age off your report.
If your car is damaged while it is being repossessed who is liable for the damages the loan company or the repossession company?
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A repossession can drastically hurt your credit score. The repossessed account may report late payments (30, 60, 90 days late), a pad due balance, and a charge-off. A repossession can lower your credit score anywhere from 30 to 200 points depending on the other accounts reporting on your credit report.