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Now you have had your car repossessed, you are not making a payment on it. So that means, to the finance companies, that you have a bit more disposable spending money, and they want you to spend it with them!
Now, having a car repo'd can be embarrassing, but believe me, it does not mean you can never get another car on credit for 7 years or whatever. You can go out in 3 months and get another car, no real problem. The problem will be this. You know the ads on tv that say Zero percent financing for the very well qualified? Well, that will never be you. You will be qualified, but you can expect that rate to be more in the region on 16 to 20 percent, and that can make that car quite expensive, especially if you have had money troubles which lead to the repo in the first place.
Don't get me wrong; I'm aware that in some parts of the country with no transportation alternatives, losing a car can be devastating if it means you can't get to work by bus or subway or feet or bicycle or brother. If you can still get around without the car, the money you've just saved can be a blessing, so I hope you fall into that category.
One more thing. Once the finance company repos that car, your responsibility for it ends. You do not have to pay the towing company, and if you get a letter telling you how much the car was sold for at auction YOU DO NOT have to pay the balance between what you owed and it's auction price. They are not asking you to; it's just a "courtesy letter." DO NOT PAY another red cent on that car to ANYONE for ANYTHING.
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∙ 9y ago
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How bad does a car repossession affect your credit report?
A Lot.
When your Father passed away how bad will a car repossession affect a cosigners credit?
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
Is a joint applicant's credit affected by a car repossession?
If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
What to say when you want to do a car repossession?
If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does
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.
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?
You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.
What will a car repossession do to your credit rating?
A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.
How long after repossession can you get a car loan?
The repossession stays on your credit report for 7 years.
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.
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.
