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You will definitely be charged at a higher interest rate, perhaps be required to pay a larger "down payment" and maybe not get what you really want.

2006-09-05 20:03:14
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Q: How will a repossession affect future car purchases?
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How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


How bad does a car repossession affect your credit report?

A Lot.


Do still own the car after a repossession?

Depends. Are you receiving the car or are you selling the car.Repossession = againRepossession = ownershipRepossession = gaining ownership again


When your Father passed away how bad will a car repossession affect a cosigners credit?

It depends on how your father's death, the repossession, and the cosigners credit are corelated.


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.


Where do you get car repossossion permit?

who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?


How do you write a car repossession letter?

How do you write a car repossession letter?


Is concealing a car from repossession a felony in Georgia?

is concealing a car from repossession a felony in georgia?


Turning in a car prior to reposession?

Turning in a car prior to formal repossession activity is still a repossession. It differs only in the fact that it is voluntary and may not affect your credit quite as adversely. It does demonstrate a certain level of responsibility.


Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?

AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.


Is a joint applicant's credit affected by a car repossession?

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.


How long does the repossession process of a car usually take?

The repossession process of a car usually takes about 6 months


I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?

You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.


What are the benefits of buying a car with cash instead of on finance?

There are many benefits buying a car with cash rather than purchasing on finance. For instance, an individual who purchases with cash does not have the added interest payments, and therefore the car will cost less overall. Additionally, a person does not need to worry about missing any future payments, or acts of repossession due to a missed payment. The individual also has the added satisfaction of knowing the car is theirs.


Can you get a personal loan after a car repossession?

You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


Can police help the repossession men take your car in Michigan?

Possibly, but they can certainly prevent you from interfering, as it is no longer your car, hence the repossession.


Can you get your car back after a repossession if you file chapter 13 bankruptcy?

In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy


Can you register a car being repossessed?

The tow/repossession company has to notify the police of the repossession so the car can't be reported stolen..


How do you get my car back after repossession in Louisiana?

Make your car payments.


What happens in a repossession?

The repossession agent shows up and takes the car if everything goes correctly.


Does repossession show on your credit report as soon as the car is taken or after it is auctioned?

It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.


How does defaulting on a car loan affect your future credit?

Any default on any loan will damage your credit in the future.


Does the repossession company have to report the repossession to the police after the repossession?

I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.


When doing a repossession in Texas can you block their car in?

When doing a repossession in Texas can you block their car in?Check with the local police departments. You probably can, as long as the car is NOT parked on private property.