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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.


What Consequences for not repaying a loan?

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


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.


Why is my credit sweep collected balance negative?

You need to contact creditsweep.net


What does a negative number on a balance mean?

There is a credit due back as a refund.


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 natalsiapatterson34@gmail.com


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.


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

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