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You will be reported to ALL 3 credit agencies, and reported to chexsystems. You will most likely be unable to open any new loans or bank accounts.. including savings accounts, debit cards, credit cards, etc.

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โˆ™ 2007-01-12 10:42:58
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Q: What happens to your credit if you let a bank repossess your RV?
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Related Questions

If you let the bank repossess your car will it show on your credit as a repossession or just that you owe them an amount due?


Can the credit company repossess your new truck if you voluntarily let them repossess your old truck?

Only if the two loans were "cross-collateralizied".

If your insurance got cancelled and you were in a wreck can you just let the bank repossess the car and let that be the end of it?

Yes, you can let them repo the car. NO, that wont be the end of it. YES. they have other legal options.

Can you have more than one first premier bank credit card?

Yes, you can have as many credit cards from one bank as they will let you. It all depends on what your credit score will let you get. It would be better to get a higher credit limit though then have multiple credit cards to keep track of.

What happens if a house with a mortgage is left to adult children who do not want to assume the mortgage?

The house has to be put up for sale and the profit will be divided between the children. You may also let the bank repossess the house if it has little value.

Can inuse your credit cards instead of your bank over purcuashes?

please let me know if you can use your credit card instead of you bank accounnt when necesdsary. please leave the answer at

If you are a cosigner on a loan will a loan company repossess the vehicle then let you pay it off and take possession without ruining your credit?

Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.

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.

is there a bank or company that will let you stored gold until you are ready to sell it.?

Any bank or credit union will be happy to let you rent a safety deposit box until you are ready to sell the gold.

Which credit card company will let you through the pre qualify?

There are two credit card companies that'll let you pre qualify: Bank of America and American Express. Both credit card companies also give no annual fee nor interests.

You want out of your mortgage can you let the house go back to the bank with what consequences?

If you default on your mortgage and go into foreclosure, the bank can seize your house. The consequences are that this is a horrible thing to have on your credit record; it will make it very hard for you to get credit for years to come, and any credit you do get will cost you far more because you'll be offered terrible interest rates. You'll be better off if you can sell your house than if you let the bank take it.

What happens to your credit if your car gets repossessed?

Your credit is severely damaged. Stays on your credit report for 7 years. Don't let this happen. Contact the lender and work something out.

If you still owe a bank on a loan would you be able to transfer title to another state?

Sure. Just let the bank know where you're moving to and keep up the payments or they'll default the loan and repo the vehicle. (Repossess) That'll cause you serious credit problems and loss of vehicle that you still have to pay for. The bank will track the vehicle by the VIN (Vehicle Identification Number) and you'll end up with more headaches then the car is worth.

You just bought property and there is a mobile home on it the owner is deceased are you responsible for the mortgage loan and back payments?

Do you want the mobile home? If yes then you must pay. If not, then let the bank come and repossess it.

Is there a bank that will let you open checking account after you have filed bankruptcy you filed July 2009 and it was discharged June 2010?

Woodforest Bank found in Wal-Mart is a "second chance" bank. They do no credit checks.

Do i need to inform bank to use credit card in tenerife?

You do not have to inform the bank that you plan to use your credit card in Tenerife. However, if you do let them know ahead of time that you will be visiting Tenerife, it will prevent them from flagging your account and thinking someone has stolen your card.

Can you repossess a vehicle from your son if his name is on the loan and registration He has only made four payments in two years and you continue to make the payments to keep your credit in line?

It will depend on a number of things you did not mention 1) the state 2) the type of loan ( is the vechile used as the collateral on the credit line) If you are uo to date contact the bank. Let them know what is going on and they may ( again, depending on the state) pick up the vehicle for you, at a nominal charge.

If you let GMAC repossess your car will they take you to court?

Unless they change the laws, YES they will.

How do you sale a car on payments?

Very bad idea. Never, ever, sell someone a car and let them make payments to you. If they cannot get a loan from a bank or financial institution this proves they are not a good credit risk. You may end up not getting any money and then having to go through the legal hassle of trying to repossess the car. Sell the car to someone who can pay you cash.

Someone is ordering things in my name using a Hotmail account that is not mine what do I do?

Contact hotmail and let them know & contact the websites they are buying from. If they have your credit card number call your bank you have the credit card with and have them change it.

How late can your payment be before repo in North Carolina?

In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.

How do i pay a private seller using a credit card without paypall PayPal will not let me use a credit card for the transaction and i already have the guitar?

Ask the seller for their bank account and sort code - then transfer the money directly.

Does attorney fees debt affect credit?

They don't unless you let the debt go and either the attorney or debt colletion agency reports it as part of their collection efforts. If that happens it can seriously damage your credit.

Are they allowed to repossess a car from a closed garage in an apartment building in California?

IF they did not break into the garage(ie; someone let them in)

If you owe money to another bank can you open an account with a new bank?

no obviously Actually, you may be able to. At some smaller branch (local) banks, they will let it slide. Although, you won't be given credit, or an ATM card with a credit logo on it. I was able to open a checking account, and had an ATM card with no visa/mc.