2006-09-16 06:43:07 · 4 answers · asked by CE S 3 in Business & Finance ➔ Credit
Assuming that there is an amount which you still owe on the repossessed car, make some arrangements to pay it. Sometimes the lender is willing to accept less than the amount shown on your credit report. Contact them, start sending them the money you owe them. After a few months, ask them to indicate on your credit report that you are making payments. Eventually your credit rating will improve - unless you neglect some other financial obligation - and you can apply for a mortgage loan.
PS.. I think the the longest an unpaid debt can show on your credit report is 7 years from the LAST payment applied to the loan (NOT the original date of the loan). You may want to just wait it out.
2006-09-16 12:42:47 · answer #1 · answered by paleblueshoe 4 · 0⤊ 0⤋
1
2016-09-27 23:21:32 · answer #2 · answered by Maria 3 · 0⤊ 0⤋
It will be tough. It depends if you can expalin that repossession. Also, are you at a better place than you were when that happened? Do you have enough of a down payment. It is not impossible but it will be very hard and very fustrating!
2006-09-16 09:08:01 · answer #3 · answered by volsbryan70 2 · 0⤊ 0⤋
There going to ask why you didn,t pay the auto loan onless you have better credit now give it fighing chance
2006-09-19 20:15:29 · answer #4 · answered by pattibcacl 6 · 0⤊ 0⤋