Apr
04
What is it like after getting a repossession?
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is it easy to bounce back? my sister had 2 repos and she sais you can go to those ma and pa shops and get a car, just if you pay the money down and have a job. how long does it stay on your credit for?
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How will a voluntary repossession affect my credit? I took out an auto loan for my brother to get a car last Feb. He failed to pay, so I took the car back and have been making payments for the last three months. I’ve listed the car for sale several times on Ebay, in the local newspaper,...
How does a voluntary repossession affect your credit? Here is the deal. I have a $535 per month car note. I can afford it, but I would love to get a lower payment so that I can pay some principle down on my home. The new car note would be $237 or less. Thats ~$298, approximately back...
what is the difference, if any, between repossession and surrendering my car? how does this affect my credit? I am moving to Hawaii and it will cost so much money to have it shipped there. I am thinking about surrendering my car back to the bank, which financed the car loan. Is this the same as repossession? How would this affect my credit? I just got the...
What was your experience like with a VEHICLE REPOSSESSION? Just curious, thinking it may happen to my friend. How many payments did you default on? When did they take it? Did they call you first? Did you get it back? How is your credit now? I love the answers so far. No, this is not me, I have...
What are the steps to do a voluntary vehicle repossession? My husband recently had an accident, his not working. Were not able to pay the car anymore. The lender told us, if we do a voluntary reposession on the vehicle that they will sell it on an auction and depends what the price they sell the car and the...
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4 Comments
April 7th, 2010 at 12:15 pm
Once you get a Repo. Your Credit Will Fall Too fast. And very hard to bring it back up.
April 10th, 2010 at 8:06 pm
Your sister’s credit is ruined. Even if she can go out and buy another card, she’s probably paying at least double the interest rate as if she paid her bills on time as she agreed to when she got the loans.
No, it is not easy to bounce back. She probably still owes money for the other 2 repos.
April 12th, 2010 at 10:17 am
Those “ma and pa” places will sell a person with terrible credit a car. But the cars are not the greatest….you will have to pay a much larger down payment…..the interest rate is very high…..
But with 2 repos on your record you don’t have a prayer of getting a decent loan anywhere else. Bad credit is something to avoid, but many times it comes at you with no escape. Don’t get the idea that a repo isn’t going to be a big deal.
April 15th, 2010 at 2:13 am
Auto finance is what I do for a living and a repossession without a bankruptcy is one of the worst things that can show on your credit.
The lenders sell the vehicles for much less then they are worth and come after you for the difference plus all fees for towing, storage, reconditioning, auction, interest and anything else they can think of.
This will amount to several thousand dollars and if you do not pay they can take you to court, get a judgment and at that point attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.
All of this will show on your credit for the next 7-years making it very hard to get any other types of loans without paying massive down payments, huge fees and State maximum interest rates.