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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.
Wiki User
∙ 18y ago
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What happens to your credit after a car is repossessed?
Normally your credit is ruined for 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.
If a spouse's car gets repossessed after their death does it affect your credit rating?
If your name was on the note, yes.
What happens if you get your car repossessed?
if i get my car repossessed, can they put a llien on the house?
What happens when a car is repossessed in the state of Georgia?
The car gets taken to the impound lot, and you have to file paperwork and pay a certain amount of money to get your car back.
What to do if your car gets repossessed in SC?
walk
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.
Can a transfer of responsibility be made after car is repossessed?
No. Your car gets repossessed, it's on you. You don't get to pass that on to someone else.
What happens when you surrender your car?
Your credit gets crushed and you start walking everywhere.
What happens I could not pay the car loan because I left the country?
If you are in default (for any reason) they have the right to seize the asset (car)
If a married couple buys a car using the wifes SSN for credit purposes and the husbands income to get a loan what happens if the car is repossessed and whose credit will it affect?
The person or persons names that appear on the loan contract.
If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?
yes
