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It will be just like if your car was repoed. Repo on your CR,ect. The lender will collect any balance due after its sold from YOU.

It's a repo on your credit, probably yours alone. This is referred to (buy lenders) as a straw purchase, if your brother's not a cosigner. People do this to get loans for friends and family who can't pass credit.

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โˆ™ 2015-07-16 19:18:20
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Q: If you bought two cars in your name one for your brother and his was repossessed how will it affect your credit?
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Related questions

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 does getting a car repossessed affect credit?

Stays on your credit rating for 7 years. Has a very negative effect.


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.


If your car is repossessed by a 'buy here pay here' dealer does it affect your credit?

Only if the dealer reports it to the credit bureaus.


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

If your name was on the note, yes.


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


How do repossessed cars affect your credit rating?

A car reposession will leave a major black spot on your credit rating for 7 years.


If your brother authorizes you on a credit card would your poor credit score affect him?

no


What happens to your credit when your car is repossessed?

You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.


Where can repossessed cars be bought?

Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.


If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?

No, because you have your own separate credit report.


What happens to your credit after a car is repossessed?

Normally your credit is ruined for 7 years.

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