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Melanie, ANYTHING that has to do with how you pay your bills will affect your credit. Anything good will help and anything bad will hurt. A repo is on the BAD side and a settlemnt is usually on the good side. How the creditor reports it to the CRA will affect how good or bad it looks. The method of reporting is a possible negotiating point. a settlement is like anyother "deal", the more time and effort you put into it, the better the results. Good Luck
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∙ 8y ago
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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.
If your car has your mothers and your name on the title but she is deceased how does this affect you if it is repossessed?
Goes on your credit as a repossession.
If your car is repossessed by a 'buy here pay here' dealer does it affect your credit?
Only if the dealer reports it to the credit bureaus.
If a spouse's car gets repossessed after their death does it affect your credit rating?
If your name was on the note, yes.
Can a car be repossessed if the title work has not yet been completed and whose credit would the repo affect?
Yes it can and will effect your credit
How do repossessed cars affect your credit rating?
A car reposession will leave a major black spot on your credit rating for 7 years.
If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?
No, because you have your own separate credit report.
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
If a married couple buys a car using the wifes SSN for credit purposes and the husbands income to get a loan what happens if the car is repossessed and whose credit will it affect?
The person or persons names that appear on the loan contract.
If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?
yes
Will it affect your credit if a car is repossessed after the lease has ended?
YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.
