Does a repossession remain on your credit report if you get the vehicle back?

%REPLIES%%DETAILS%yeah i got my vehicle reposessed and got it back next day possible. trust me you're not getting in the situation than trying to fix it later. I'm trying to fix my low 435-634 FICO score and that repo ain't coming off anytime soon! whether yo redeem or not it just will say redeemed. the best fix is time and a good payment history sad to say... I've tried disputing it asking Toyota to remove it but nope no can do...

Answer

Yes, it DEFINITELY DOES remain on your credit report for up to 10 years. This happened to me and i managed to get together the 8,000 dollars i needed to get the car back within 10 days. Oddly, i also founf out 4 years later that the repo was on my credit report as if it ws never satisfied. This was ford motor credit and i went through hell trying to get them to acknowledge that i did pay it. eventually, they went into their archives on microfilm and did update my credit report info - but it still looks bad. i was hoping that it would be taken off since i did pay for the entire balance of the loan. No such luck. I can say that at least i have proof that i did pay the balance (yeah, i was sooo stupid to even get into that situation to begin with). For anyone out there who reads this... don't everrrrr screw up your credit on a car loan. it's not worth it. That repo man will get you when you least expect it... you always think you have another day before it'll happen and when it does... it's the worst feeling on the world!  

Answer

It does not remain on your credit report for 10 years it remains for 7 years, from the date of repossession/charge-off. However,If you don't pay the loan off, after it was repoed, then the original creditor MAY get a judgment against you, that judgment will stay on your credit report for 10 years. Unless you are able to settle out of court.  

Answer

Depends on the lender and the situation. Some might not put a repo on your credit if you redeem the vehicle promptly and stay current from then on. If they have to sell your vehicle at auction, you most definitely will get a repo on your credit. I know of some people who redeemed their car and never had a repo reported, just the lates. YMMV.
BTW, even if you get a repo on your credit, you have a good chance of disputing it off. You can dispute a lot of things off your reports, even if they are legit. Been there, done that.