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If you bought two cars in your name one for your brother and his was repossessed how will it affect your credit?
It will be just like if your car was repoed. Repo on your CR,ect. The lender will collect any balance due after its sold from YOU.
It's a repo on your credit, probably yours alone. This is referred to (buy lenders) as a straw purchase, if your brother's not a cosigner. People do this to get loans for friends and family who can't pass credit.
What else can I help you with?
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.
If your car has your mothers and your name on the title but she is deceased how does this affect you if it is repossessed?
Goes on your credit as a repossession.
If your car is repossessed by a 'buy here pay here' dealer does it affect your credit?
Only if the dealer reports it to the credit bureaus.
If a spouse's car gets repossessed after their death does it affect your credit rating?
If your name was on the note, yes.
Can a car be repossessed if the title work has not yet been completed and whose credit would the repo affect?
Yes it can and will effect your credit
How do repossessed cars affect your credit rating?
A car reposession will leave a major black spot on your credit rating for 7 years.
If your brother authorizes you on a credit card would your poor credit score affect him?
no
Where can repossessed cars be bought?
Repossessed cars may be purchased from many car dealerships some specialize in repossessed vehicles and others may have the occasional defaulted payment. Another great place to find repossessed cars is with a financial institution, there are many people struggling, taking credit, the car is often the first thing repossessed when the loan is called in.
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.
Will it affect your credit if a car is repossessed after the lease has ended?
YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.
What happens to your credit after a car is repossessed?
Normally your credit is ruined for 7 years.
If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?
yes
