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How many points does your credit score drop after an auto repossession?


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Answered 2009-01-09 21:16:10

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.

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How does making late auto payments or having your auto reposessed affect your credit score?

With a reposession on your credit report it is almost impossible to get another auto loan unless you have not had any negative reports after the repo and you have at least 30% down. It probably lowers your credit score by 100 points.


How badly does it affect your credit if you surrender a vehicle to the financing credit union due to financial hardship?

== == 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.


Does your credit score affect your auto loan rate?

Absolutely it does! Your credit score is used by credit agencies to determine the amount of risk they are taking on. If your credit score is bad or low then you auto loan rate will be higher. However, if your credit score is good or high then your auto loan rate will be lower.


How do you find out what your credit score is for auto insurance?

Auto insurers take a credit score provided by one of the three (3) credit bureaus and then they add characteristics that would not be present on your credit score to come up with an internal score. The auto insurer does not need to tell you what your credit score was, however, they do need to let you know which credit report (and associated score) was used to arrive at their decision. There are a number of service provides that provide access to your credit score. A few of these service providers are represented in the related links section.


Does getting a auto insurance policy in your name effect your credit score?

No, it does not affect your credit score at all.


What does i8 rating on credit bureau mean?

i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).


How long does an auto repossession and a home foreclosure after stay on your credit report?

NOTICE OF DROPPING PARTY DEFENDANT


Where is it possible to find a credit score calculator?

One can find a credit score calculator and estimate his/her credit score on Calxml. The result depends on one's mortgage, auto loan, student loan, credit card, etc.


What is the credit score you need to get a auto loan?

the acurate auto loan you need is at least 750


Is it possibleto get an auto loan with a 547 credit score?

It is unlikely that a bank would give a person a loan who has a credit score of 547. A good credit score for a loan would be between 700-800.


Where can one find more information about credit score for auto loans?

The best way to find more information about credit scores for auto loans would be to obtain one's own credit score. Also check with the car dealership one is seeking to purchase a vehicle from to see if a credit score is required.


Can you return an auto without a repossession on your credit report?

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.


Will credit score improve when an auto loan is paid in full?

Most likely


How much would a auto loan be with a credit score of 658?

it will be $1 please


Do you receive notification before auto repossession?

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.


Can wages be garnished for auto repossession in MD?

if your car is repossesed than it just goes ony our credit your wages wont be withheld


Bankruptcy Auto Loans- Buy the Vehicle You Want?

Consumers looking for a way to get an auto loan with a bankruptcy on their record may consider payday loans to meet their needs. Payday loans are unsecured loans meant to help out those who need cash fast, and who do not have a good credit score. These loan companies do not check their customers credit score, and even a repossession or bankruptcy will have no bearing on the eligibility of the loan. For those looking to get an auto loan when dealing with a bankruptcy, a payday loan my be the type of company that can really help out.


How long does an auto repossesion stay on your credit report?

Negative reports on your credit score remain on your report for seven years.


How can I finance auto with lower interest rates?

To finance an auto with low interest, you must have a good credit score. If you do not have a good credit score, there are always options of individuals co-signing with you, and specials on interest rates at certain times of the year.


Does auto loans improve credit?

yes of course but if you pay them on right time this will give you benefit to improve your credit score as well as credit history.


What interest rate will i get on an auto loan with a 620 credit score?

You will get the terrible rate of 4000%. Sorry


Do auto lenders only look at your credit score or your specific credit history?

Score but if you're on the border of being approved or not approved then they'll look at the history too. Regardless, your entire report comes up (score and history).


If your auto loan hasn't been updated on your credit score since Oct 2006 and you have made six payments that have yet to show up does this affect your credit if all payments are made on time?

if your payments are made on time, and your lender reports to credit bureau, your credit score might decrease, because your lender didn't report your auto loan. however, once report is made by your lender, following month your credit score will jump a little.


What companies give car auto loans to those with bad credit?

There is a company called JD Byrider. They advertise that they will give you a auto loan no matter what your credit score is, and they will help you rebuild your credit while you pay off your car.


How can you fix your credit after an auto repossession?

The best way to improve your score is to open an account such as with a gym membership, a credit card with a very low balance (an keep it low), or order something under $75.00 from seventhavenue.com or FingerHut.com and make your payments in full and on time! Having available credit every few months helps improve your credit score. However, getting a cell phone or starting an agreement that you CAN NOT afford can put you further into debt. So be careful and only only small accounts.