if i do a voluntary repo, i know is goin to kill my credit but i have 2 other vehicles under my name, if i finish paying thwm in 4 years will my credit be ok after that if i pay everything else on time??
2006-09-12 09:00:54 · 9 answers · asked by juanitaspn 1 in Cars & Transportation ➔ Safety
I am a finance manager in an auto dealership and deal daily with customers who have previous auto repossessions on their credit files. If you have an automobile repossession on your credit, you will be unable to purchase another auto or obtain any other secured credit line for at least a minimum of twelve months after the bank reports the last activity on your account. If you have two open autos in addition to this account , you will continue to rebuild your credit by paying these accounts in a timely manner. There are several factors to consider before making a decision. If you do not plan to make any major purchases or apply for additional lines of credit within the next twenty-four months, then you should be fine. Keep in mind, even if you pay your other open accounts, the next new account you open will be at a higher rate of interest and over time the interest rate you are charged on new accounts you open will be lower as you continue to rebuild your credit. If you do plan to apply for additional credit prior to that time, then it may be in your best interest to file for bankruptcy. You could get more information from an experienced bankruptcy attorney. From my experience, banks are more willing to finance for clients with discharged bankruptcies than those who have previous repossessions. Best wishes!!
2006-09-12 09:25:30 · answer #1 · answered by ncmom 3 · 0⤊ 0⤋
A repo is a repo voluntary or otherwise and will report on your credit as such....things dont "drop off" your credit report they just become less important as time goes by because creditors only go back so far when making credit decisions. The answer is yes if you pay on time on all your accounts your credit will look great if a creditor only goes back 4 years but not so great if they go back 7 or 10 years because then the repo will show. also if the repo leaves a balance on your car loan the you will be responsible for that amount and if it charges off(is not paid and the lender writes it off as a loss) then you will have a repo and a charge off on your credit report
2006-09-12 16:14:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your credit rating is based on points. The points range from about 400(pisspoor credit) to 740 which is excellent credit. In having a repo, your points are going to go down to the bottom. It will take you many on time payments for quite a few years to regain a good point range. If only one payment in the future is late, your rating will stay in the hole. Furthermore, future credit will be adversely affected by a repo. Your credit score is used for car loans, credit cards, and unfortuanely, car insurance. Try and make a deal rather than have repo on your record.
2006-09-12 16:13:02 · answer #3 · answered by juncogirl3 6 · 0⤊ 0⤋
Difficult to say.
Once you do repo, your credit is dead. But if from that point you pay all your bills on time, with no penalties you should be back in good shape.
2006-09-12 16:03:47 · answer #4 · answered by Shockey Monkey 5 · 0⤊ 1⤋
no. your credit history will always reflect the repossesion of that vehical. you should try to sale the car for payoff and talk to someone at the financial institution where you have the car loan.repo is the last resort. bad move so do not let this happen
2006-09-15 17:33:51 · answer #5 · answered by Billy T 6 · 0⤊ 0⤋
File BK cause they will sue you for the value left over.
2006-09-12 16:06:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
claiming bankrupt on that car??
if so credit will be affected i think for 7 years
2006-09-12 16:06:39 · answer #7 · answered by Tina B 2 · 1⤊ 0⤋
sorry no idea
2006-09-13 07:01:33 · answer #8 · answered by nazy 2 · 0⤊ 0⤋
You are dead man,
2006-09-12 16:06:29 · answer #9 · answered by Michael S 4 · 0⤊ 1⤋