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How will a repossession affect your credit in future purchases if the rest of your credit is good and it continues to be good? |
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Answer
Most lenders will view it as a one time thing and consider ALL your other credit experience. Some may require a larger downpayment.
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seven years. and it will affect your credit badly for the first two to four years...regardless. If it has to be repossed let it be a willing repossession or try to sell it out-right before it is picked up. Credit in this time is as important as air. Don't damage it. I am a loan officer
First answer by roosta. Last edit by AugustDays. Contributor trust: 195 [recommend contributor]. Question popularity: 178 [recommend question]
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