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It of course effects your credit score. To learn more about your credit score visit either Experian, TransUnion or Equifax. If you can not pay for the car, the next best thing would be to return it to the dealer. Contact the lender and inform the company what you intend to do. If possible, return it back to the dealer you purchased the car from.
What else can I help you with?
How do repossessed cars affect your credit rating?
A car reposession will leave a major black spot on your credit rating for 7 years.
Are you able to get a car if you have a reposession on your name?
This depends upon your credit score.
When does a reposession affect your credit score?
it will be on there as soon as the order gets sent to the repo company, they are the collection agency. after they repo ur car and it gets sold at auction ur credit score will change .
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
Turning in a car prior to reposession?
Turning in a car prior to formal repossession activity is still a repossession. It differs only in the fact that it is voluntary and may not affect your credit quite as adversely. It does demonstrate a certain level of responsibility.
Can i still purchase a car with a reposession on my credit report?
You can always purchase a car. Getting financing for a car may be more difficult, but that's true for anyone with compromised credit. Regardless of your credit, shop around to find the best deal you can with your history.
What happens when your return a car to finance company?
It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.
Does trading in a car affect your credit?
Trading in a car does not affect your credit unless you sign a new car loan and get a new car. This may negatively or positively effect your credit.
How does reposession affect obtaining a home loan?
A repossession ruins your credit for 7 years. This will have an adverse effect on any loan you may try to obtain.
Does a loan company that does a voluntary reposession have to tell you how much the car sold for at auction and then deduct it from your amount owed before they report it to a credit agency?
They should.You can dispute it with the credit agency.Send the credit agency a dispute letter .
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
Can you keep your car from reposession?
Keep the car at a relatives or friends garage
