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Answered 2006-12-06 20:37:19

Any type of monetary loan agreement you enter into makes you liable to the terms you signed on for. The car being repossessed is not a good thing. More than likely they will report you to the 3 top credit agencies and a mark will be on there in a number depiction to indicate how many times, months and amount defaulted on. You will likely have problems getting decent credit in the future with low rates and dont be surprised if your turned down for any credit, either. Well, this is my advice, create a budget for your finances, stick to it, live within your means, pay for items cash so you dont create more credit and see if there are any seminars in your area for financial planning or how to live moderately.

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Can a motorcycle purchased on credit card be repossessed?

A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.


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 does getting a car repossessed affect credit?

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


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.


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

If your name was on the note, yes.


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 your car be repossessed for credit card debt?

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


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.


How long does the credit company have to make a claim for repayment on a repossessed vehicle?

Possibly up to 7 years.


Does a company credit when the company is the accounts payable and the card was issued by the company for business expenses affect your personal credit score?

If none of your legal information is attached to the card (SSN for example) then the answer is No it will not affect your presonal credit score.


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.


Will an employee's bad credit affect whether they can get a company credit card?

Yes.


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


Will it affect your credit if a car is repossessed after the lease has ended?

YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.


How does it affect your credit or obligation if your repossessed vehicle was stolen from the lienholder?

The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.


If you allow a car you cosigned for to be repossessed then pay off the balance after it is auctioned will it still affect your credit?

IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.


If a married couple buys a car using the wifes SSN for credit purposes and the husbands income to get a loan what happens if the car is repossessed and whose credit will it affect?

The person or persons names that appear on the loan contract.


Can repossession affect family members?

The only person it affects is the person the item is being repossessed from. Unless, one of the family members is a co-signer on a loan of the repossessed item. Then, they can bear the responsibility of repaying the loan and it will show on their credit report as well. I'm not aware of what is being repossessed, but the implications of repossessions may affect others...just not financially, unless taxes are involved (like a home).


If your mother in law is the executor of the will but does not have her name as an owner of a house and it is repossessed in the state of Georgia will it reflect on her credit?

It will affect her credit if she executed the mortgage along with her husband. If her name is not on the mortgage or the property then it will not affect her credit. She should consult with an attorney who can review the situation and determine what her options are. Perhaps the bank would accept a deed from the heirs in lieu of foreclosure.


How does working with a credit card settlement company affect your credit score?

It is recommended that you pay an old debt through the original creditor. Credit settlement companies are out to make a profit and they will negotiate terms that are not true. Also, it is possible that you can pay the settlement company but still owe the original creditor. It has happened to me. The negative information reported by the credit card settlement company will affect your score negatively.


If your car was repossessed in 2000 and you never received a letter from the company saying you owed anything how do you get it removed from your credit if you don't remember the dealership's name?

You can look up your credit report online. The lien holder would show on your credit report not the dealership. A repo stays on your credit for 7 - 10 yrs.


What are the legal repercussions to a co-buyer if the buyer lets a vehicle get repossessed?

They will be held legally accountable for any debt still owed and can be made a part of any litigation that might arise concerning the matter. Also a negative entry relating to the repossession will be entered on their credit report.