If your car's repossessed and they take it to an auction do you have to pay anything and how long will it be on your credit?

In: Repossession

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Answer

You dont HAVE to pay anything. You may not get credit in the future because you dont pay. It will be on your CR usually for 7 years. Depending on where you live, if the lender gets a judgement, they could garnishee your wages.

First answer by roosta. Last edit by roosta. Question popularity: 54 [recommend question]

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Can you answer other questions about repossession?

In the state of Arizona or California even Nevada. What is the age limit needed to become a reposession agent.?
What happens to your auto loan when you stop paying on it for a long period of time?
What is the going rate for repossessing cars in CT?
Avoid car repossesion?

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