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I would think most lenders would be hesitant to loan you more money when you have a delinquent outstanding balance on an old debt. You would be considered a poor risk. Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.

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โˆ™ 2006-04-07 16:27:47
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Q: Repo on your credit from several years back you were recently told you would have to pay this off to get a new loan Is this true?
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