I AM IN THE NEED OF MONEY AND WILL BE DEPLOYING SOON ANYWAYS. HOW LONG DOES A REPO STAY ON YOUR RECORD OR CREDIT REPORT? PLEASE LET ME KNOW
2006-08-17 02:48:43 · 4 answers · asked by jfields2302 2 in Cars & Transportation ➔ Other - Cars & Transportation
A minimum of 7 years.But most likely it will stay on there for the maximum of 10 years.
Even after they take the car you will still owe the money on the car. They will sell the car for whatever they can and you will owe whatever the difference is. So, not only will you have a reposession on your credit ,you will also have one big bill for a car that you don't have.
2006-08-17 02:57:06 · answer #1 · answered by Jen 6 · 0⤊ 0⤋
Either 5 or 7 years. It happened to me once. Problem is, they will auction the car off for next to nothing. Then they deduct that amount from what you owe. At that point, you STILL owe that remaining balance. And that credit report time doesn't start until AFTER you pay that remainder off, with interest. So, if it takes you four years to pay it off, you still have that repo on your record for another 5-7 years. It can make life miserable.
2006-08-17 09:57:07 · answer #2 · answered by fishing66833 6 · 0⤊ 0⤋
when it gets close to the end of the 10 years, the creditor can sell the account to another bank, (collection agency) and the calls and letters will start all over again
2006-08-17 10:24:33 · answer #3 · answered by dialout2000 2 · 0⤊ 0⤋
7-10 yrs
2006-08-17 09:53:54 · answer #4 · answered by shortymaciam 3 · 1⤊ 0⤋