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Paying the car off was good but having to repo it to get it paid off was BAD or negative. the lender did report that it was PIF,HUH?? So they reported the good and the bad.

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โˆ™ 2015-07-15 19:35:06
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Q: If you pay your entire balance after your car is repossessed and the car is returned to you why will the lender report negative on your credit report?
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Related Questions

How does getting a car repossessed affect credit?

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

When does accounts receivable have a credit balance?

If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.

What Consequences for not repaying a loan?

Negative impact to your credit score, and your car could get repossessed.

What are the laws of repossessed cars in Canada?

Cars repossessed laws in Canada a vary by provine.Whether your car will be repossessed depends on such factors as the province you live in and how for behind you are with your payments.Vehicle repossessed is negative impact on your credit rating. If you want more information email me at

What does a negative number on a balance mean?

There is a credit due back as a refund.

Why is my credit sweep collected balance negative?

You need to contact

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.

When does debit balance in account payable?

As accounts payable has a credit balance as normal balance so it has credit balance until not paid but it may have debit balance as well in case when payment is made for more than actual accounts payable which create negative balance or debit balance.

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 is the meaning of negative cash balance when projecting balance sheet?

Any negative cash balance represents float. It could represent the total amount of checks outstanding, checks generated and not mailed, or an unreconciled line of credit. Basically, negative cash should be booked as additional accounts payable or an increase in the outstanding borrowing on the line of credit.

If your van was repossessed then you paid off the balance a year later can your creditor refuse to report the current status of your account to the credit bureau?

Yes, however you can easily take care of this and have your credit reports corrected.

What does a negative credit balance mean on home loan statement?

Excess of repayment over scheduled or expected repayment. For eg. the expected balance in a HL account on a given date is 10,000/-, the actual account balance should have been 8,000/- as per the repayments made, the excess repayment of 2,000/- is negative credit balance or unadjusted repayment.

Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?

yes it has a 10 year limit

What do parentheses mean in a account balance?

That means that you have a credit on your account. So you don't have to pay anything to the credit card company because you paid too much, or you got a credit for something returned.

If you have a credit card with a balance and you haven't used it in a year and cancelled it would that have a negative affect on your credit rating?

Not as long as you don't default in the payments.

Is a credit balance an unpaid balance owed?

a "credit balance" is money that you have.

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.

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?


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.

Will having a negative balance in an unused checking account affect your credit rating?

Yes it will have an effect. It still has your name on it.

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.

Is contributed capital normally a credit or debit balance?

it is a credit balance

Is product sales normally debit or credit?

Sales revenue has a credit balance as a normal balance so product sales also has credit balance as normal balance.