0
What are the repercussions if you have a title loan out with a company and your car gets repossessed and can this affect your credit?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
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 your car be repossessed for credit card debt?
Unless the credt card company is the lienholder on your vehicle, no.
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.
Does upgrading your credit card account to platinum affect your credit score?
No. All the "gold, silver, platinum, titanium" terminology is just marketing BS on behalf of the credit company.
As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
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.
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 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.
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.
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.
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.
