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.
Add your answer:
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 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 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 your brother authorizes you on a credit card would your poor credit score affect him?
no
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.
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.
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.
How did buying on credit cause the Great Depression?
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
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?
yes
Will it affect your credit if a car is repossessed after the lease has ended?
YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.
Can a motorcycle purchased on credit card be repossessed?
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.
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.
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?
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.
If a married couple buys a car using the wifes SSN for credit purposes and the husbands income to get a loan what happens if the car is repossessed and whose credit will it affect?
The person or persons names that appear on the loan contract.
Can repossession affect family members?
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).
If your mother in law is the executor of the will but does not have her name as an owner of a house and it is repossessed in the state of Georgia will it reflect on her credit?
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.
Will returning item bought on a credit card affect your credit history?
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.
Can you sell your car if it is being repossessed?
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.
Can lien on a house affect the owner's credit if the house was bought with cash?
Yes. A lien will show up on your credit record whether you paid cash or mortgaged your property.
You bought a car for your fiance and now the wedding is off you need to get rid of the car Can you return the car to the dealer And how will this affect your credit?
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.
