You are still liable. As soon as the bank either auctions or sells the car, you will be responsible for the deficit (remaining) balance. Most times, the auto is not sold for the amount due on the loan plus repossessionfees, storage fees and transfer of title fees etc.
The faster you take care of the balance, the faster it will show up on your credit as paid. If you don't do anything, anc neither does the bank--it will remain on your credit for as long as the statute of limitationsin your state. Check this link for your state: http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml#2
Take note!!!, the bank can get a judgment if they haven't already--they can garnishee your wages and/or yourtax returns to get their money back. It would be best if you call and make some kind of arragements now.
It will show as paid or satisfied.
not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
In Canada the answer is yes if it is repossessed by a bank (or credit institution). Any car that is re-possessed by a bank or credit company has to be put up for auction. You can always get your vehicle back if you pay whatever arrears you owe the bank as well as the the fees that the bank had to pay to the repo company before it is sent to the auction house. However, you do need to act quickly. I have never heard of anyone getting their vehicle back once it is up for auction (and in Canada the auction companies used by banks are only open to car dealers).
Unless the credt card company is the lienholder on your vehicle, no.
Slow pay, repo, and it gets worse from there.
Possibly up to 7 years.
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
Get a car dealers license and go to Manhiem Metro Atlanta Auto Auction in College Park, GA.
they can try - usually they repo and sell vehicle at auction - then sue you for the difference. If you have no income then essentially explain that to them or a lawyer if applicable. Chances are they will drop the issue and just stick it on your credit report as a repo and negative write off.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
No, because you have your own separate credit report.
A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
Normally your credit is ruined for 7 years.
yes it has a 10 year limit
The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.
You dont HAVE to pay anything. You may not get credit in the future because you dont pay. It will be on your CR usually for 7 years. Depending on where you live, if the lender gets a judgement, they could garnishee your wages.
If you are asking about obtaining a business vehicle loan then the answer is simple. You need to establish business credit to apply under. To build business credit start your research by googling and pick out a company that can help you with that.
A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.
It has the same effect on the credit.
If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.
It will be far better for your credit if you pay it off and sell it. When THEY sell it they are more than happy to sell it at auction for a loss then turn to you to make up the difference. It can mess up your credit for a long time.