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.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
No, because you have your own separate credit report.
Normally your credit is ruined for 7 years.
It has the same effect on the credit.
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.
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
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.
Stays on your credit rating for 7 years. Has a very negative effect.
Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
Goes on your credit as a repossession.
Yes it can and will effect your credit
A car reposession will leave a major black spot on your credit rating for 7 years.
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 your name was on the note, yes.
Yes. And that will help out their credit history too:)
Unless the credt card company is the lienholder on your vehicle, no.
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.
When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.
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.
Only if the dealer reports it to the credit bureaus.
Negative impact to your credit score, and your car could get repossessed.
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 email@example.com