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

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2011-09-12 21:46:32
2011-09-12 21:46:32

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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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).

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

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It affects you because you're an idiot.

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