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.
It has the same effect on the credit.
Stays on your credit rating for 7 years. Has a very negative effect.
Goes on your credit as a repossession.
If your name was on the note, yes.
Yes it can and will effect your credit
A car reposession will leave a major black spot on your credit rating for 7 years.
Only if the dealer reports it to the credit bureaus.
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.
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.
When people would buy expensive things on credit, and then buy more expensive things on credit, when the bill came around they couldn't afford it, and then what had been bought would be repossessed, but oftentimes what had been bought would lose value. thus, causing the great depression
Normally your credit is ruined for 7 years.
YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.
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.
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.
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.
The person or persons names that appear on the loan contract.
The only person it affects is the person the item is being repossessed from. Unless, one of the family members is a co-signer on a loan of the repossessed item. Then, they can bear the responsibility of repaying the loan and it will show on their credit report as well. I'm not aware of what is being repossessed, but the implications of repossessions may affect others...just not financially, unless taxes are involved (like a home).
It will affect her credit if she executed the mortgage along with her husband. If her name is not on the mortgage or the property then it will not affect her credit. She should consult with an attorney who can review the situation and determine what her options are. Perhaps the bank would accept a deed from the heirs in lieu of foreclosure.
No. The merchant may drop you from his preferred customer list if he notices a lot of returns, but the credit card company doesn't care.
Depends on the specific laws of where you live. In general, if the car you bought is being repossessed because you cannot pay for it any more, consider selling it to someone who can. You basically sell the car at a really low price, practically just below the amount the you already spent on it. The person who bought the car from you, then would have to continue paying for the remaining balance to the dealer from where you bought the car. This way, you're credit won't go bad.
Yes. A lien will show up on your credit record whether you paid cash or mortgaged your property.
In general, you cannot return a car to a dealer. You can sell it back to them, though. Selling it won't affect your credit.