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How could it NOT hurt your credit rating?
I'd say that you could easily slide 200 points having an RV repo on your record, and it could take years to recover from it.
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∙ 15y ago
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How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
How badly does voluntary repossession hurt your credit score?
About the same as any repo. The impact is that you couldn't complete the agreement for whatever reason. Same as a repo. A repo is a repo is a repo. That is correct, there is no difference in voluntary and involuntary. Stays on your credit report for 7 years. Don't let it happen to you. It is not that bad ....in fact you can probably get another car just at a higherinterest rate... besides someone has to keep wonk and clay in business.
Will returning a car when your not the co-signer hurt your credit?
It will not hurt your credit by returning a car as long as you have not signed any promissory documents. It will hurt the credit of the person who did get the car for you..please talk to the lender and to the people that signed for the car before you do anything. The signer might want the car if he/she knows that not only the repo will show up on their credit but also any defiency balance and legal actions.
How long is a repo on your credit?
A repo stays on your credit for at least seven years. However, you may negotiate with the creditor to have it removed earlier.
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
If you do a voluntary repo and get another dealerships car will that hurt your credit as bad as not making any payments for a repossession?
A repo is a repo is a repo.
If your daughter's car is in your name and she is not paying can you let it get repossessed without ruining you and your spouse's credit rating?
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
How badly does voluntary repossession hurt your credit score?
About the same as any repo. The impact is that you couldn't complete the agreement for whatever reason. Same as a repo. A repo is a repo is a repo. That is correct, there is no difference in voluntary and involuntary. Stays on your credit report for 7 years. Don't let it happen to you. It is not that bad ....in fact you can probably get another car just at a higherinterest rate... besides someone has to keep wonk and clay in business.
Will paying off a repo car fix your credit?
It won't fix it, but paying off any remaining debt from the vehicle should help your credit rating. Unfortunately, a repossession will linger on your credit report for about 7 years.
Can a car repo prevent from buying a house?
Any repossession negatively affects your credit rating. Negatively affected credit ratings will affect your ability to obtain loans, typically in a negative way.
If you are current on payments and leave a car at the dealer because you are way upside down does it hurt your credit?
Usually, your CR isn't great before you take an "upside down" loan. But, YES, it hurts your CR. A repo ia a repo is a repo on any CR.
Does a repo really hurt your credit for 7 yrs even if you pay what is owed fairly quickly?
Yes. First, the late payments on the vehicle will hurt your credit for 7 years. Then the repossession reporting will affect your credit for 7 years. Finally, any collection judgment filed by the tow company (if applicable) or lender will hurt your credit for 7 years from the date of the last activity (not date it was filed). Paying the deficiency quickly may keep you from having a judgment filed, but the repo still occurred and will still be reported.
Will returning a car when your not the co-signer hurt your credit?
It will not hurt your credit by returning a car as long as you have not signed any promissory documents. It will hurt the credit of the person who did get the car for you..please talk to the lender and to the people that signed for the car before you do anything. The signer might want the car if he/she knows that not only the repo will show up on their credit but also any defiency balance and legal actions.
Does a repo show on your credit when you voluntarily return it?
Yes, a repo is a repo whether you give it up or they take it.
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
