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What is the normal amount of time from when a car is repossessed to when it shows up on your credit report?
It depends on when the lender reports to the credit bureau companies-- If they showed the repo today on their books and sent their update information to them also today-- then all 3 credit companies will show it today/tomo the latest. If they showed the repo today on their books but they sent the update to all three credit companies two days ago, then the repo will show up next month when they report again. On the other hand, there are lenders that send that information as soon as it happens -- so if you are going to do something do it now but don't be disappointed if it already show.
What else can I help you with?
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.
How can a car repossession be on your credit report when your car was not repossessed?
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
What are the adverse side affects on your credit report for having a car repossessed?
It will cause the credit score to decline and will remain on the credit report for seven years, perhaps creating problems for the person to obtain future credit/loans.
What amount will show up on your credit report when a vehicle is repossessed the original cost of car or the balancing remaining?
the BALANCE DUE at time of repo PLUS repo fees and fees to come later.
Is there still a past due amount on your credit report after foreclosure?
The foreclosure will be on your credit report indefinitely.
If your car is repossessed and you pay to get it back does it stay on your credit as a repo?
It is up to the LENDER to report a repo. Usually they DO report it and it stays on your CR for 7 years.
If your daughter's car is in your name and she is not paying can you let it get repossessed without ruining you and your spouse's credit rating?
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
If you get a repossessed car back is it removed from your credit?
No. Your credit report is a record of all transactions on reported accounts. The repossession will show in the history, but so will the redemption.
Do you have to pay the balance of your car loan after it is repossessed?
yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.
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.
Is it correct for the loan amount of a foreclosed property to appear on a credit report?
what ever the balance was at the time of foreclosure will report on your credit report
Will allowing your car to be repossessed when you already have 2 credit card chargeoffs on your credit report have any worse effects?
YES! It will lower your FICO score a lot!!
