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What happens to your credit if you pay all your bills on time except your car payment and your car gets repossessed?

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Wiki User
2004-06-15 21:59:10
2004-06-15 21:59:10

You get a BIG black mark on your CR and future loans will be at a higher than normal interest rate and/or a higher DP. PLUS, you will still have to pay the remaining balance on the repoed car. Do your best to SELL the car before repotime.

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