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  • Repossession
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Is it best for your credit to let a jointly-owned car be repossessed?

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βˆ™ 2003-12-22 08:19:55

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the finance company won't let you get your name off of it. That way they can keep you on the hook since he can't pay for it. it will hurt your credit, but if you have a car you pay for on your credit and explain in the future what happened, you should be able to get another loan. If your name is on the title, you could possibly force the sale of the car depending on how it reads. you can also stop paying and make sure the finance company knows where the car is so they can go repossess it to sell and lower the amount that is owed. Bottom line is it will hurt your credit, but not as bad if you have your own good credit to off set it. It will deffinatly take you off the A+ list as far as lenders go, but again, not stop you from getting any car loan in the future assuming you have an auto loan you pay now.

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βˆ™ 2003-12-22 08:19:55
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Related Questions

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.


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 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?

yes


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.


How soon can you buy a car after a car has been repossessed?

You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.


How can a car repossession be on your credit report when your car was not repossessed?

By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.


After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?

The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.


If a car was repossessed how long does it stay on your credit before it is removed?

7 years


How does getting a car repossessed affect credit?

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


Can your car be considered repossessed and put on your credit report as repossessed if they never picked up the car?

Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.


How much would it hurt your credit if the car you co-signed for gets repossessed?

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


If your car has your mothers and your name on the title but she is deceased how does this affect you if it is repossessed?

Goes on your credit as a repossession.


Can a car be repossessed if the title work has not yet been completed and whose credit would the repo affect?

Yes it can and will effect your credit


How do repossessed cars affect your credit rating?

A car reposession will leave a major black spot on your credit rating for 7 years.


Can you break a lease on a car?

It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.


If a spouse's car gets repossessed after their death does it affect your credit rating?

If your name was on the note, yes.


If your spouse's car was repossessed can you make payments to get it back?

Yes. And that will help out their credit history too:)


Can your car be repossessed for credit card debt?

Unless the credt card company is the lienholder on your vehicle, no.


Should you pay off your repo car?

You should pay off your repossessed car if you want to fix your credit quickly. If you are not worried about your credit, you can wait to pay off the car or file for bankruptcy.


In Virginia can a credit company repossess your car and still demand the money owed above the value of the car?

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Where can repossessed cars be bought?

Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.


If your car is repossessed by a 'buy here pay here' dealer does it affect your credit?

Only if the dealer reports it to the credit bureaus.


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 natalsiapatterson34@gmail.com