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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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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.


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 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.


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.


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

yes


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 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.


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.


How soon can you buy a car after a car has been repossessed?

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.


After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?

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.


How can a car repossession be on your credit report when your car was not repossessed?

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


If a car was repossessed how long does it stay on your credit before it is removed?

7 years


Can your car get repoed for getting a DUI?

Repossessed no. Confiscated yes.


Can your car be considered repossessed and put on your credit report as repossessed if they never picked up the car?

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


How much would it hurt your credit if the car you co-signed for gets repossessed?

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


How does it affect your credit or obligation if your repossessed vehicle was stolen from the lienholder?

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.


Does trading in a car affect your credit?

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.


Can you break a lease on a car?

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.


If your spouse's car was repossessed can you make payments to get it back?

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


Can your car be repossessed for credit card debt?

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