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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.


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.


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.


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


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.


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

no not until it drops from your credit file


Does repossession show on your credit report as soon as the car is taken or after it is auctioned?

It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.


How can a car repossession be on your credit report when your car was not repossessed?

By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.


How long is a car repossession on your credit report after you pay it off and get the car back?

7 years


You returned a car to the dealership and its still showing on your credit?

Of course it is. You voluntarily turn the car in for repossession. It will stay on your credit report for 7 years.


What happens if you hide your car from repossession in Iowa?

Eventually you will be court orderded to give up your car, and plus with a repossession, you will ruin your credit report and they will do a wage garnishment eventually.


What to say when you want to do a car repossession?

If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does


If they repo your car after one day late how does it appear on your credit report?

as a repossession


Can you get a car loan with a co-signer if you have a repo on your credit?

You should be able to get a car loan with a qualified cosigner. Even with a repossession on your credit you should be able to finance a car loan.


If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?

If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?


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.


How long will a car repossession in California remain on your credit report?

7 years is the norm.


If the car was purchased on only your credit will repossession only show on your report and not your spouse's?

YOURS


If you bought a used car and want to return it and buy a cheaper one will it ruin your credit?

What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.