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If you let the bank repossess your car will it show on your credit as a repossession or just that you owe them an amount due?

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Wiki User
2015-07-15 19:13:17
2015-07-15 19:13:17

BOTH

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Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.

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Repossession is typically an action that a lender may perform when the individuals/groups that they have money or goods to have not compensated them after a set amount of time. The best places to go for repossession advice would be the local legal authorities, such as the police, or the nearest bank if they are also known to repossess property.

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Yes, the bank must tell you that your vehicle is being repossessed. The bank will usually try to reconcile the debt before the repossession takes place.

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A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.


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