Best Answer

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.

User Avatar

Wiki User

βˆ™ 2004-06-15 21:59:10
This answer is:
User Avatar
Study guides


26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

See all cards
3 Reviews

Add your answer:

Earn +20 pts
Q: What happens to your credit if you pay all your bills on time except your car payment and your car gets repossessed?
Write your answer...
Still have questions?
magnify glass
Related questions

What happens if the credit card company won't except a settlement?

Whatcanidoifacreditorwontexcept my settlementandsuesme

What are the common payment methods used in market stall?

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.

What happens to the loan after the car is repossesed?

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 had two ATVs recently repossessed they want 6500 to get them back do you have any options?

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.

How does the PlayStation store bill you?

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

What are the consequences to one's credit if a vehicle is repossessed?

It adversly effects your credit for 7 years. Except for a Chapter 7 bankruptcy which remains on the report for 10 years, no bad debt can stay on your credit repair beyond 7 years from the date the debt was originated. The law is on your side that it must come off.

If you were to except an ex gratia payment can you still claim benefits?

If I except an ex gratia payment can I still make a claim in Irish law

Does AutoZone accept checks as payment?


Are there any animal clinic that except medicaid for payment?


Does Costco except a chase credit card?


Can you balance bill a Medicaid patient for out of state Medicaid?

Except for co-pays, Medicaid payment is generally considered payment in full.

Does Aldi except the American Express card?

No. Aldi only accepts cash, debit-cards with a PIN number, EBT and Link cards. They do not allow payment from checks, credit cards or the Woman Infants and Children program.

People also asked