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Stays on your credit rating for 7 years. Has a very negative effect.

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โˆ™ 2006-10-28 15:06:24
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What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

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Q: How does getting a car repossessed affect credit?
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Related questions

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 a spouse's car gets repossessed after their death does it affect your credit rating?

If your name was on the note, yes.


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.


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.


What happens to your credit when your car is repossessed?

You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.


What happens to your credit after a car is repossessed?

Normally your credit is ruined 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.


If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?

yes


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.

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