How would I have to wait to get another finance after having returned a vechicle in but in show as a repo.?

Answer 1

Turning a vehicle in is a repo, so that is correct information in your credit record. It should show as a voluntary repo but it's still a repo. It will be there for 7 years.

When can you get another loan? Well, there are lenders who will loan to almost anyone, so you probably can get another loan right away. However, that is going to COST you dearly! You'd be much better off toughing it out for a few months and setting aside what you would have spent on car payments and grabbing a cheap Hooptie to get you around for a while.

If the repo was due to an unforseen situation -- sudden job loss, medical bills (which you should always pay last, by the way), etc. -- and your credit record is otherwise clean, then you may have better luck with a local bank or credit union and an explanation of the circumstances.

Good luck!

Answer 2

I get the impression you are surprised it shows as a repossession since you turned it in to them. It does, because it was. Just like a rose is a rose is a rose, and repossession is a repossession no matter the circumstances of the return, you quit paying, they took the car. Repossession. After they do all they need to do you may find you still owe them some money, but that's neither here nor there.

How long do you have to wait? You don't. Find a "Buy here pay here, no credit no problem' lot and buy today if you want to. Be aware of two things if you do though. 1. the interest rate will be ridiculously high. 2. if you are a few days late on the payment, the car will be gone. Some of their cars they have sold and taken back a dozen times. They love it when you get work done to the car to make it worth more, then they can sell it for more.

I'm not knocking the lots, they serve a purpose to a certain group of consumers, I'm must warning you of potential problems.

I wish you well.