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It will cause the credit score to decline and will remain on the credit report for seven years, perhaps creating problems for the person to obtain future credit/loans.

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โˆ™ 2005-05-18 17:25:10
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Q: What are the adverse side affects on your credit report for having a car repossessed?
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Related questions

If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?

yes


How does consumer credit work?

Consumer credit can be considered to be a complicated work of art. When a credit purchase is made it affects the credit score. Having good credit is essential to making huge purchase such as a house or a car.


If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?

VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.


A sentence with the word adverse?

I think I'm having an adverse reaction to work!


How does a bad credit loan affect a person?

Having a bad credit loan negatively affects a person in many ways. Having bad credit enables a person from being able to obtain other loans including those having to do with home financing, vehicle financing, etc.


Is having your car repossessed a class three felony?

no


Can your car be repossessed due to no registration?

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.


Does having an automated teller machine affects the business credit card processing?

Having an automated teller machines really affects the business credit card processing,because through ATM people will just withdraw an amount to pay directly what they got and they have a control everytime they want to buy something because they know that they will pay it with cash and not to be charge in credit cards.Finally, improper use of credit cards can be a big risk.


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

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.


How does a house repossession effect your credit?

In the UK if your house is repossessed it will stay visible on your credit file for 6 years. It would be very difficult to obtain credit with this on your file. It is possible to obtain another mortgage but this would be from a specific lender and your monthly repayments would be considerably higher. If you have mortgage arrears or in the process of having your property repossessed this can be stopped. If you type in your address bar "stop repossessions" you should be able to find help.


What are example sentences for the word adverse?

There were adverse effects of temperature of people. This is a sentence containing the word adverse.


Is a wife responsible for a repossessed car if husband cannot pay balance due to not having a job?

It depends whose name is on the loan. If it's just the husband, then no. If both names are on the loan, then it affects both people.

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