I have a credit question....?

Question

This is more of a credit question than anything. One of my cars got impounded this past Saturday. I am tempted to leave it at the impound, not pay on it anymore and risk getting a repo on my credit (which is probably stupid because my score is 739) because I have 2 other cars that I am paying on. My question is this, how many points will I lose on my credit because of the one car being repo'd or will it even affect me at all because my other 2 cars are being paid on. I hope I didnt confuse you.

Answer 1

Automobiles and houses are considered a #1 priority to lenders on the bill paying list. If you default on either of these it will seriously affect your credit negatively. You're in for the long haul on this one! It does not matter if you have several other vehicles reporting in good standing on your credit either. If you let that end up as a repossession then you're telling future lenders that you let a 'secured' debt go bad. This is much more serious than an credit card or an unsecured loan. This is also a 'necessity' item; most people need this to function in society today. It does not and should not look favorable to anyone regardless of the situation. Most people will let their boats or credit cards go bad before they let their houses and cars go back to the bank. I would reconsider this in favor of your reputable and very valuable credit score.

Answer 2

Not only will it hurt your credit for not paying for the car, you will get a nice bill from the impound lot for every day it sits there, and if you dont pay that. That bill to will go into collections, making another negitive mark on your credit. And just becouse the car is repo Dont fool yourself into thinking you wont have to pay for the car. after repo it will be auctioned off for much less then owed, and then you are still leagly responsible for the debt minus the auction price.

Answer 3

The impact can be huge! What's more if they repo the car, you will still owe the impound fees AND any balance owed on the car in excess of whatever the bank sells the car for (usually at wholesale), so you could end up with bad credit AND owning thousands of dollars on a car you don't own.

You'd be smarter to go retrieve it, then sell off one or more of your cars to reduce your debt.

Answer 4

It will still hurt your credit. After the vehicle is repo'd, you will still be left paying off the remaining balance the bank is left with after auctioning off your vehicle. It will save you time, and money if you get it out of impound, and just sell it on your own. There is no specific amount of points that will be taken off your credit. It will just look really bad. The other two vehicles you are paying will have no affect on this.

Answer 5

Is this question about a repossession (by the lender) or an impound (by law enforcement). They are 2 entirely different things. Either way, you still own the balance on your loan and a default will hurt you credit. A forfeiture to impound will cost you more than a repossession.

Answer 6

Don't let your car get repo-ed. Your car payment and your house payment affect your credit the most. There is no set number loss for different things. You should just sell the car if you don't want it anymore.

Answer 7

This will negatively affect your score. You will still be responsible for the balance owed on the vehicle after the bank reposesses and more than likely sells it off. Do the right thing! Get the car back and if you don't want it anymore, sell it!

Answer 8

If you do get it repo, I hope that you never want to buy a car again because as soon as a bank sees that you have a repo on your credit they will turn you down you!!