Repossession
Credit Reports
Liens

How does getting a car repossessed affect credit?

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2006-10-28 15:06:24
2006-10-28 15:06:24

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

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A car reposession will leave a major black spot on your credit rating for 7 years.

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

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Normally your credit is ruined for 7 years.

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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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YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.

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

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You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.

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The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.

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Repossessed no. Confiscated yes.

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Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.

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Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.

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Trading in a car does not affect your credit unless you sign a new car loan and get a new car. This may negatively or positively effect your credit.

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The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.

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Yes. And that will help out their credit history too:)

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Unless the credt card company is the lienholder on your vehicle, no.

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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.

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You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.

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When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.


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