Repossession

How do you repair credit after a car repossession?

789

Top Answer
User Avatar
Wiki User
Answered
2010-09-14 20:10:22
2010-09-14 20:10:22

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.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions


A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.

The repossession stays on your credit report for 7 years.

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.

It depends on how your father's death, the repossession, and the cosigners credit are corelated.

It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.

You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.

no not until it drops from your credit file

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.

By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.

It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.

Of course it is. You voluntarily turn the car in for repossession. It will stay on your credit report for 7 years.

AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.

Eventually you will be court orderded to give up your car, and plus with a repossession, you will ruin your credit report and they will do a wage garnishment eventually.

If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.

If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?

You should be able to get a car loan with a qualified cosigner. Even with a repossession on your credit you should be able to finance a car loan.

Depends. Are you receiving the car or are you selling the car.Repossession = againRepossession = ownershipRepossession = gaining ownership again

It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.

What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.

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.

If you do not make car payments you will default on your loan or lease. It will ruin your credit and end up with a repossession.

Yes, there is no difference. A repossession is a repossession.

who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.