answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2011-09-12 21:46:32
This answer is:
User Avatar
Study guides

Loans

26 cards

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

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: How does it affect your credit or obligation if your repossessed vehicle was stolen from the lienholder?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

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.


Would a DWI affect the coverage of your insurance?

if convicted of dwi insurer can deny coverge for named insured and spouses cars if no lienholder.


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

If your name was on the note, yes.


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 child starts employment does that affect your child support payments?

No. You cannot shift your obligation for support to the child.No. You cannot shift your obligation for support to the child.No. You cannot shift your obligation for support to the child.No. You cannot shift your obligation for support to the child.


How does getting a car repossessed affect credit?

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


Could a car repo affect your tax return?

For that to happen, the lienholder would have to take you to court for the balance of the lien, and a garnishment would have to be placed against you by a judge.


Can repossession affect family members?

The only person it affects is the person the item is being repossessed from. Unless, one of the family members is a co-signer on a loan of the repossessed item. Then, they can bear the responsibility of repaying the loan and it will show on their credit report as well. I'm not aware of what is being repossessed, but the implications of repossessions may affect others...just not financially, unless taxes are involved (like a home).


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 are the two factors that will affect the amount of kinetic energy on the moving vehicle on the road?

-- mass of the vehicle -- speed of the vehicle


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.

People also asked