Contact a local attorney for state/case specific advise. Most judgments ARE renewable.
If you were not sued by the lender then there could not have been judgment action. If you have a lien against real property as a result or if the judgment was awarded and has yet to be executed you may have a problem. However, it is possible the state SOL for the debt has expired which means the creditor would not be able to file a lawsuit and any payment would be voluntary on your part. However, paying any amount could reactivate the debt making it again collectible by using litigation, such possible actions are regulated by the laws of the state where your reside, in some cases when it concerns the purchase of a vehicle, in the state where the contract was actually made. ANY activity concerning the debt more than likely will reflect on your CR. Obtaining legal advice would be a good option, most attorneys offer a free or minimal fee consultation.
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
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