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.
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.
It has the same effect on the credit.
Stays on your credit rating for 7 years. Has a very negative effect.
Goes on your credit as a repossession.
If your name was on the note, yes.
Yes it can and will effect your credit
A car reposession will leave a major black spot on your credit rating for 7 years.
Unless the credt card company is the lienholder on your vehicle, no.
Only if the dealer reports it to the credit bureaus.
Possibly up to 7 years.
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.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
No, because you have your own separate credit report.
Normally your credit is ruined for 7 years.
YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.
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 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.
The person or persons names that appear on the loan contract.
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).
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.
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.
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.
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.