NOTICE OF DROPPING PARTY DEFENDANT
Almost all auto lenders will report a reposession to the credit bureaus. There is a possibility that they won't report to all three credit bureaus as credit reporting is a voluntary system. They may only report to one or two of the bureaus.
Your credit report will state that the vehicle was returned. It will still show a balance remaining once this vehicle is auctioned off. This is your best option, but it already has done it's damage to your credit report with missed payment. Also, this will affect your credit score monthly for the next two years from the date of last payment.
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
Negative reports on your credit score remain on your report for seven years.
Auto insurance companies do not chrge you on the status of your credit report. They only look at your driving history.
http://www.NationalScoreIndex.com. Overall, the study found that: * The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 percent of consumers who have an auto have a repossession noted on their credit file. The average credit score for those with a repossession dropped even further to 566. The states with the highest repossession rate are Arizona, New Mexico, Texas, South Carolina and Nevada.
if your car is repossesed than it just goes ony our credit your wages wont be withheld
You will receive notices that your payments have not been received, making your auto subject to repossession, but you will not receive a date and time of the repossession.
It is a situation a matter of what you are behind on. You can lose a car and have judge,ent against you for owing a few dollars.
== == http://www.NationalScoreIndex.com. Overall, the study found that: * The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 percent of consumers who have an auto have a repossession noted on their credit file. The average credit score for those with a repossession dropped even further to 566. The states with the highest repossession rate are Arizona, New Mexico, Texas, South Carolina and Nevada.
Student loans through FAFSA is not credit based so no it will not. Private student loans is a diffrent story, which is based on credit.
It will show on your credit report for several years. If you have paid up and nothing more is owed, getting the dealership to add "paid" to the record may help some. Otherwise, if you have the paid receipt, you can send a letter and a copy of the receipt to the three credit agencies and eventually the paid will show up.