answersLogoWhite

0


Best Answer

IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.

User Avatar

Wiki User

โˆ™ 2015-07-15 19:25:39
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
5.0
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
1 Review

Add your answer:

Earn +20 pts
Q: If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Are there nerves in your nose that affect your balance or weight?

No. Your EARS affect your balance.


How does it affect your credit or obligation if your repossessed vehicle was stolen from the lienholder?

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.


Is husband liable for a car loan if his wife cosigned?

No. Only the person who co-signed is responsible. Even in a community property state that debt would not be a marital debt. However, if the primary borrower defaults you wife will have to pay the balance and that, of course, may affect you.


What two types of errors are associated with the trial balance?

Errors that do not affect the trial balance errors that affect the outcome of the trial balance


If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?

Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.


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.


Does taste affect balance?

no


What affects balance?

your muscles, sight, and hearing affect your balance.


If a spouse's car gets repossessed after their death does it affect your credit rating?

If your name was on the note, yes.


How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?

It has the same effect on the credit.


How will breaking and steering the car affect the cars balance?

loses the balance


How do flashing lights affect balance?

Flashing lights might affect the balance by causing a person to feel unsteady or confused when confronted by these lights. Flashing lights can also cause seizures that affect balance in some cases.Ê

People also asked