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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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โˆ™ 2006-12-06 20:37:19
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Q: 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?
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Related questions

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 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.


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

Yes.


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.

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