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It's going to knock down your score and you can forget about financing another for a while, Although it will be resold and you will owe them less, they can send you to collections on the difference between sale amt and loan even though they now have the asset. They also charge for the repo based on how many attempts and so forth. As far as how bad it will hurt your score it depends on amount and who it is. Some are better at reporting negatives and amount may or may not result in a judgement which would hurt your score more.
What else can I help you with?
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.
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?
yes
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.
After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
How soon can you buy a car after a car has been repossessed?
You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.
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.
If a car was repossessed how long does it stay on your credit before it is removed?
7 years
How much would it hurt your credit if the car you co-signed for gets repossessed?
Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.
Can your car be considered repossessed and put on your credit report as repossessed if they never picked up the car?
Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.
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.
