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Likely, you will be sued for the amount owed after the car is sold. IF they get a judgement, they will have the option to garnishee your wages and/or attach other property that you own. YOU will have the option to try again to work out a payment schedule that you CAN afford on a car you DONT have. Or do the B/K route. Your credit will NOT be good either way. It is NOT fatal. Hard work will pull you back up.

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βˆ™ 2004-08-31 18:42:14
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Q: What happens to your credit if your car is repossessed and what are your monetary responsibility?
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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.


What happens to your credit after a car is repossessed?

Normally your credit is ruined for 7 years.


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'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.


If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?

yes


Can a motorcycle purchased on credit card be repossessed?

A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.


How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?

It has the same effect on the credit.


What happens if you stop paying on a laptop you were renting?

The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.The laptop will be repossessed and the amount you owe will be increased by late fees, costs and penalties. The default will be reported to your credit record where it will do considerable damage.


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.


Can a person let a wrecked truck get repossessed without any monetary issues?

That would be a particularly bad plan if you hope to keep a good credit score. The bank would have required you to have enough insurance on the vehicle to cover the replacement. If you didn't, you are financially responsible for every dime that is outstanding on the loan. If the truck is wrecked, the difference between the debt and the value is your responsibility.


In NC what can be done if lender refuses to negotiate bal due on repossessed auto if they want 20000 for auto worth 10000?

not much, basically your hands are tied. when you pruchased the vehicle and signed a contract it was probably stated in there that if the vehicle is repossessed it will be sold at auction and the balance/credit of the debt is the responsibility of the purchaser


How does getting a car repossessed affect credit?

Stays on your credit rating for 7 years. Has a very negative effect.

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