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Is there any point in redeeming a repossessed vehicle when it will end up on your credit anyway?In: Repossession |
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Answer
It depends on your finances.If you can continue to pay for the car and keep it insured yes keep on paying the loan.If the lender auctions the car you lose all the money you spent on the vehicle and then the lender can seek a judgement against you for the balance of the loan.And if they are successful with the judgement the lender can garnish your wages.All of which looks alot worse on your credit then a simple repo.Repos are much more common than they used to be(have you seen the kind of car Wonk drives??)so having one on your credit is not the end of the world.
Answer
To sum up the last post, if you're going to pay for it anyway, might as well be driving it.
First answer by Tank. Last edit by Tank. Contributor trust: 357 [recommend contributor]. Question popularity: 45 [recommend question]
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