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How would a car repossession affect your ability to rent a home or an apartment?

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2015-07-15 19:10:45
2015-07-15 19:10:45

A landlord that has a choice of renting to a person who has a repo and a person who doesnt will likely choose the NON repoed person. Why?? They manage to PAY their bills SOMEHOW. YES, it LOWERS your credit score making it harder to get credit. Rent is a form of credit.

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Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...

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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.

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Repossession laws vary from state to state. States also have different provisions for different types of property. You would need to be more specific about the circumstances, the property and the state where the repossession would take place. Your question should be reformed to ask, "Is a repossession under the following circumstances legal"? Asking what is considered an illegal repossession is much too broad a question.

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If the investegator is acting in his capacity as a police officer, then the repossession would be considered to be done under the color of law. It probably would not be a lawful repossession.

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I own a home and it would be around $130 per month. I am not sure the amount it would cost for an apartment. It would also depend on how large your apartment is.

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After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.

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Absolutely. Repossession, whether voluntary or involuntary, show on your credit report as a charged off account. This designation is similar to a collection account and shows that you did not repay the vehicle loan. Such a listing in your credit report would have a significant negative impact.

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The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.


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