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If you pawn a vehicle and it gets repossessed will this hurt your credit?


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Wiki User
2015-07-15 19:24:54
2015-07-15 19:24:54

IF the lender reports it to the CRA, it will. FWIW, title pawn lenders USUALLY dont report it. Too much work and paperwwork for them. LOL

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Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.

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if i let my vehicle get reposesed will it hurt my credit?

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the goaltender who finished the game would get credit for the shutout

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no. You will hurt your credit when you close an open line of credit.

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A repossession can drastically hurt your credit score. The repossessed account may report late payments (30, 60, 90 days late), a pad due balance, and a charge-off. A repossession can lower your credit score anywhere from 30 to 200 points depending on the other accounts reporting on your credit report.


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