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It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.

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โˆ™ 2005-05-10 17:27:20
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Q: What does a car repossession do to your credit How can you delete it from your record?
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Related questions

If you get a repossessed car back is it removed from your credit?

No. Your credit report is a record of all transactions on reported accounts. The repossession will show in the history, but so will the redemption.


What will a car repossession do to your credit rating?

A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


How bad does a car repossession affect your credit report?

A Lot.


Does a repossession stay on your credit report if you get the car back?

YES


When your Father passed away how bad will a car repossession affect a cosigners credit?

It depends on how your father's death, the repossession, and the cosigners credit are corelated.


If your car is repossessed how does getting it back help your credit?

It won't help much unless you can sweet-talk the lender and convince him to remove the repossession from the credit report. Otherwise, the repossession stays on the record and the only 'improvement' to your credit rating would be the lack of an accompanying past due status.


Is a joint applicant's credit affected by a car repossession?

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.


If a car repossession is paid off will credit score increase?

no not until it drops from your credit file


Can you get a personal loan after a car repossession?

You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.


Can you rent a car with a car repossession on your record?

You can't rent a car with a car reposession. Unless you do something about it.

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