HomeWhat happens to your credit if you pay all your bills on time except your car payment and your car gets repossessed?
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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The most common payment method used in market stalls would be cash. Another payment method would be a chip and pin service to except debit and credit cards.
After the vehicle is repossessed then the financial organization is notified of its recovery but the amount of the loan is cancelled except for the outstanding arrears, the taxes, wear and tear on the vehicle charge, the cost of repossession, travel charges and mileage and compounding interest on the outstanding amount. They then call the credit bureaus and report the transgression and the credit ratings are adjusted accordingly.
You have none, except to get your payment account current. Remember, you DO NOT OWN the ATV's until you have paid them off in full. The lender owns them.
You are not billed except if you have defaulted on a payment somehow like the Playstation Wallet deposit from your credit card was cancelled. Money is put in the Playstation Wallet from either credit card or Playstation Network Card and payment is made at time of purchase. Playstation Plus automatic renewal is charged to your credit card
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